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05 Dec, 2023

UK Housing Market to Settle in 2024

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    Rightmove Predicts a 1% Price Drop Due to Seller Competition – Another Sign the Housing Market Is Improving

    In another sign that the UK property market is moving in a positive direction, Rightmove predicts a smaller price drop in 2024 than the previous year.

    According to the property website, the average house price will fall by 1% across the UK over 2024, marking a decrease from the current rate of decline.

    These figures mean that, while we face a subdued year for house prices, there is a strong possibility that property prices are about to hit their bottom, meaning price growth is on the cards over the next few years – a fact that experts across the property sector have backed up.

    This also means the window to purchase an investment property below the typical average price grows smaller by the day.

    Let’s look at the Rightmove figures in greater detail and see what they mean for the UK buy-to-let property market.

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    UK Housing Market Forecast for 2024: Settled Mortgages and Good-Value Properties

    Rightmove asserts that house prices will decrease by 1% in 2024 due to competition among sellers as they try to secure a buyer. However, Rightmove also predicts that mortgage rates will continue to drop but remain elevated in 2024. Some forecasts suggest mortgage rates would fall below 4% in mid-2024.

    Interestingly, in 2022, Rightmove forecast that average UK asking prices would decrease by 2% over 2023. However, the market has continued to defy expectations this year and only dropped by 1.3% compared to 2022. The decline was fuelled by high mortgage rates and an inflation rate that has since been halved.

    Rightmove went on to say that the housing market was continuing a slow transition to normal levels following the busy period following the pandemic when people took advantage of the Stamp Duty holiday and reassessed their property needs following an extended lockdown period. Learn more about investing in real estate in the UK with our free guide.

    The property website also revealed that sellers had increased asking prices by 39% in 2023 – 10% lower than the previous year.

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    2023-24 Housing Market

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    What Did Rightmove Say About Their Asking Price Forecast?

    Tim Bannister, Rightmove property expert, said:

    “An average drop of 1% in prices reflects our prediction that it’s likely to be another muted, and in parts challenging, year for some buyers and sellers in 2024.” But he added: “The better-than-anticipated activity this year has shown that many buyers are still getting on with satisfying their housing needs, and there is considerable opportunity for sellers and their agents to attract these buyers with the right pricing.”

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      So, Is the UK Property Market Moving in the Right Direction?

      The news about UK house prices is the latest of many examples of the UK market recovering from a period of high interest rates.

      For instance, Nationwide published their latest house price index (HPI) last week, revealing that prices had gone up month-by-month to 0.2% – the third time they had done so in 2023.  From the latest London property investment opportunities to Birmingham property investment why not review what is available in the market place today!

      In addition, a separate Zoopla report suggested that the property market was in the strongest position for buyers since 2018.

      After a significant degree of uncertainty, the UK housing sector may have turned a corner, which may encourage buyers to enter the marketplace over the next year, especially with prices remaining low for the time being. Learn more about what a property investment consists of with our useful investment guides.

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      Author

      Dale Barham

      Dale is a property content writer at RWinvest. Keeping a close eye on the UK property market, Dale helps our readers stay informed and up to date on the latest market news and statistics.

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