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- In October 2023 house prices increased by 1.2%
- House price inflation at -1.1% compared to +9.6% over the last year
- Transactions down 23% compared to 2022
- First-time buyers and cash buyers make 2 in 3 sales in 2023
- Modest price falls and mortgage rates near 5% make housing expensive as lower buying power
- It’s likely to see up to 3% drop in house prices during 2024, with rising incomes supporting values
- 2024 is likely to stick around the 1m completed sales rate.
- 80% of the housing market recording year-on-year falls
- 4 in 5 housing markets are registering small annual price falls
- Regulation of mortgage lending has built market resilience to higher mortgage rates although household buying power remains lower
This month is all about reflecting on 2023, along with forecasting for 2024. We have seen house price falls have been modest in comparison to what mainstream media had people believe, and overall performed well considering the cost-of-living crisis. Especially considering a 20% reduction on buying power. The biggest hit has been on completions, with it looking to be around the 1m mark by end of year.
Mortgage rates are dropping which will support a better market, however, its likely we won’t see the results of this for a few months yet.
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Summary
- House price inflates +0.1% annually in UK
- 21% down on completed house sales compared to 2022
- House price growth at -1% in London
- Regional house price inflation linked to first-time-buyers affordability
- Completed transactions still on track for 1 million, although as we write 21% lower over 2023, lowest since 2012
- Cash buyer sales expected to hold in line with 2022
- Mortgage-backed sales likely to be 28% lower as higher rates impact demand
- Lower mortgage rates key to improved demand and sales in 2024
- Affordability improving
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If you’re ready to sell your home here is a step-by-step guide going through the whole process of selling a house and what to expect.
Selling your home is one of the biggest decisions you will ever make in your life therefore you want to make sure you get it right first time.
Newport Office, 11b Holyrood House, St Thomas Square, Newport, PO30 1SN
Tel: 01983 521212 (opt 1) | Email: enquiries@redsquirrelpropertyshop.co.uk
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