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UK Property Prices On Track For 3% Growth in 2024 Market

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    Rate Cut and New Government’s Market Impact Could Be Incoming

    Knight Frank’s latest Housing Market Forecast shows that the current UK property market seems on track to meet the property experts’ predictions in the last few months of the year.

    The Bank of England cut the Base Rate to 5% earlier this month, acting earlier than some forecasters had expected. But Knight Frank have not updated their forecasts for this publication, stating that they still appear broadly correct. However, they say the first Labour government in 14 years and the first rate cut since 2020 have ‘changed the mood music’ in the market, possibly leading to much different market conditions in the coming three months.

    According to the report, Knight Frank will reassess these figures following the Budget to be fully revealed on 30th October as this could affect the market outlook for those looking to buy a buy-to-let property or other types of real estate investment.

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      Mainstream Market On Track For 3% Growth

      Looking at the sales market, Knight Frank states that the mainstream market has been affected by the rate cut, while the general election made little impact.

      Due to the rate cut, Knight Frank forecast that demand and sales volumes will be stronger in the final months of the year compared to the same period in 2023. Last year, high inflation and high borrowing costs impacted sales and the number of transactions was 19% below the five-year average (excluding 2020).

      Knight Frank’s forecast for 2024 is 3% price growth for the UK as a whole, and 2% for Greater London. So far, house price indices have shown registered growth of just over 2% in July for the overall UK market. This suggests that Knight Frank’s predictions should be met if not exceeded. There has been growth of 1.6% in Greater London in the year to June so this is coming up to the 2% projection.

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      Rental Growth on Track For 6% Growth in 2024

      Knight Frank are also sticking by their lettings market forecasts for now, but state that they will reassess in the next three months, taking into account the Budget and Labour’s plans for the rental industry as they are confirmed.

      Rental growth was recorded as 8.6% in July but it is forecast to slow down, meaning Knight Frank predict the market is still on track to be close to their 6% forecast at the end of the year.

      The forecast for Greater London is not as high as the overall UK projection, as Knight Frank have put a prediction of 5.5% growth in 2024.

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      Author

      Jessica Ferris

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      Jessica Ferris is a property writer at RWinvest, helping our readers stay ahead of property market trends with the latest news and statistics.

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        Market & Investment Trends, UK