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UK Property Market Is a Buyer’s Market in 2024

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    UK Property Market Is Officially a Buyer’s Market in 2024

    Good news if you want to invest in the UK housing market in 2024 – we remain locked in a buyer’s market.

    A buyer’s market happens when more properties are available to purchase than buyers who can buy them.

    This is the latest from the property portal website Zoopla, which also suggests that prices may not rise nationally this year. As a result, buy-to-let investors are likely to find good-value investment opportunities in the UK property market.

    Despite forecasters taking a second look at their market forecasters following declining inflation levels and lower mortgage rates, Zoopla’s executive director of research, Richard Donnell, said buyers are still conscious of prices, particularly as mortgage rates are still higher than they were in 2021.

    Read More: Want to know how to make money on buy-to-let? Keep informed with our guide to property investment.

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      What Does the Latest News Say About the UK Housing Market?

      According to the Bank of England, 45% of homebuyers with mortgages are yet to remortgage on the current increased rates. In addition, the average seller in the UK property market accepts offers that are 95% of their asking price.

      Richard Donnell said the current data shows we will unlikely see a price rise in 2024. However, 2023 proved less damaging to the housing market than was initially feared. The Halifax House Price Index showed annual growth of 1.7% for the nation’s average property price. This happened despite mortgage rates trebling since 2021, highlighting the durability of the UK property market against external economic pressures.

      Still, Zoopla expects house prices to adjust to 2024’s substantial mortgage rates. However, they have been falling for the past few months, following a steady decline in inflation rates since the summer of 2023. Donnell points to an increase in price reductions in January as a sign that property prices adjust to borrowing costs.

      In addition, property supply has doubled since the recent lows, hitting an average of 30 properties for sale per estate agent, which is close to pre-pandemic levels.

      Further Reading: If you want to learn more about investing in property in the UK, check out our London property investment guide.

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      How Could Property Investors Respond to the UK Property Market in 2024?

      According to Zoopla, the positive start to 2024 should increase market confidence and encourage investors to enter the market over the next 12 months.

      However, sellers may want to avoid getting carried away and temper expectations regarding their property’s worth. With mortgage rates still high, sellers may not be able to get their desired asking price.

      This could be good news for buy-to-let investors looking to start or add to their property portfolio.

      However, there are numerous things investors should consider before choosing a property this year.

      Investors may want to look at city centre buy-to-let property compared to large houses. Bigger homes command larger price tags, which could make it harder to see a return on your investment.

      However, a recent study from Shawbrook Bank showed that over a quarter of landlords recognise that city centre apartments are a lucrative investment opportunity following an influx of people returning to office work.

      In addition, Zoopla data shows that investors are moving away from high-value areas and looking further afield to find better-value rental property for sale, such as the North West.

      So, while house prices may not rise in 2024, expect an increase in demand and activity that will improve house sales over the next 12 months.

      For more information on the UK property market, check out our guides on Kingston investment properties and the Newport buy-to-let market.

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      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.