posted 23rd November 2023
With the number of properties up for sale at a 5-year high, house prices in 2024 will need to be priced competitively. Sellers will likely price their properties lower to be more desirable.
Growing household incomes will aid affordability but may cause homes to be slightly overvalued by the end of 2024. However, borrowers taking longer mortgages will counterbalance this.
The outlook for the UK property market is positive. Overall, house price falls are predicted to be below the growth for household incomes. Prices may continue to fall through 2024 and 2025 with low single digits, improving affordability.
The North will always be more affordable for house prices and the cost of living. Even with the South's rapid reduction in property price, it remains the more expensive option and widens the North-South divide. For buy-to-let investments, the North holds some of the most affordable opportunities and the best rental yields in the country. This will continue into 2024. (Data Source: CityRise)
