UK House Prices Set for 2% Rise in 2024
Discover insights on the anticipated 2% increase in UK house prices for 2024 and what it means for buyers and investors.
Zoopla anticipates a modest uptick in UK house prices, projecting a 2% increase throughout 2024 as the housing market embarks on a gradual recovery from the downturn experienced in 2023. Notably, the volume of sales agreed upon has surged by 16% compared to the previous year, with an upward trend observed across all regions and nations within the UK.
Interestingly, the anticipated influence of the new government on the housing market's performance over the next 12 to 18 months is expected to be minimal. However, potential rate cuts by the Bank of England may serve to gently bolster confidence and invigorate market activity.
Currently, buyers are shelling out an average of 96.8% of the asking price—the highest figure recorded in the past 18 months—while still managing to negotiate an average discount of £16,600 below the asking price.
Yet, lurking on the horizon are a couple of potential pitfalls. One such concern is the looming specter of tax increases in Labour's inaugural Budget, which could potentially stifle demand, particularly within the upper echelons of the housing market. Additionally, the Renter’s Reform Bill may introduce new regulations that could inadvertently flood the sales market with properties, should the new rules prove overly burdensome for landlords.
In summary, while the outlook for the UK housing market appears cautiously optimistic, it is not without its complexities and uncertainties.
UK House Prices Set for 2% Rise in 2024
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