What is currently happening in the UK property market

Posted in Jul 02 , 2024

Key Facts and Figures:

See our latest short listed news in the month of June 2024 the headlines are below
as the average house price in UK is £281,373 and in the index stands at 147.6.

a) Houseprices are predicted to fall by between -2% and -4% in 2024, given the broader
economic challenges, and the likelihood that mild downward pressure on house
prices continues.

b) Pressure on household finances – notably from inflation and higher interest rates – has
impacted housing affordability, leading to fewer completions.

c) A partial recovery in market confidence and transaction volumes is expected in 2024 as
interest rates ease and affordability improve.

d) As with recent years, forecast uncertainty remains high given the current economic
environment

https://www.lloydsbankinggroup.com/media/press-releases/2023/halifax-2023/uk-housing-market-review-outlook-2024.html

e) The average UK house price is now £283,615 compared to £286,328 a year ago, a fall of
£2,713.

f) Annual house price growth is -1.0% (year to November). During 2023 it was as high as
+2.1% (January and February) and as low as -4.5% (August and September).

g) Average property prices are £44,439 (+18.6%) higher than at the onset of the pandemic
(£239,176 in March 2020).

Property prices for homes bought by first-time buyers recorded slight growth (+0.5%)
over the last year, while the amount paid by home-movers fell by -1.7%.

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