What could happen to house prices and the property market in 2024
27.12.2023 - 06:39
/ manchestereveningnews.co.uk
With the new year in plain sight, many homeowners may be wondering whether 2024 is the year that they should sell up and buy a new house, or if it's the right time for first-time buyers to get a foot on the property ladder. Understanding what is going on with house prices can often be a key factor in making your decision.
The UK's housing market has been better than initially expected in 2023, with house prices edging down and demand from buyers picking up. But it's no secret that rising mortgage rates coupled with the increased cost of living has stretched the affordability of many people who were planning to move.
House prices are currently 1.1 percent lower than they were in 2022, with the average asking price of a home in Britain now just above £355,000, according to Rightmove. However this still remains relatively high compared to the average price of a property prior to the pandemic in 2020 - a period which saw increasing demand push house prices to a record-high.
READ MORE: The £15m fairytale mansion that’s one of Zoopla's most viewed homes this year
READ MORE: Get today's top stories from the Manchester Evening News here
Here we hear from experts on what the property market and house prices could look like in 2024 - and what this means for homebuyers, sellers and first-time buyers.
Jake Rowson, sales director at Ryder & Dutton, which has branches across Greater Manchester, gave his view on the regional property market forecast for 2024. “I believe interest rates will remain stable across the first half of 2024, and demand for realistically-priced properties across Greater Manchester will remain strong," Jake told the Manchester Evening News.
"However, with interest and mortgage rates still high, I think