Are you considering buying or selling your property this year? Are you keen to see how the overall housing sector is doing right now? Let’s take a look at how the UK housing market is set to look and the trends as we head further into 2024.
According to the Guardian “The forecast from lenders and estate agentsis mixed: 2024 is set to be a second year of falling house prices in the UK, with values expected to drop by up to 4% year on year, despite a likely recovery in the second half underpinned by lower borrowing costs as the Bank of England begins to reverse its long cycle of rate increases.”
Whether you are a home buyer or seller and with this in mind, let’s narrow it down and take a closer look at what 2024 will hold in terms of housing trends in Nottinghamshire.
Falling House Prices
House prices are set to fall between 2 and 4% overall in the coming months. If you are looking to buy this year, then now could be a good time for you to make your move in the market. If you are selling, it might be worth holding out a little bit longer as house prices are predicted to rise again in 2025.
Rising Rents
According to Zoopla, the average rent across the UK will rise by between 5 and 8% outside of London in 2024. Due to higher mortgage rates across the board, there will be less landlords and rental properties, making demand for rental homes higher.
Rising Household Costs
Fixed rate mortgages which end in 2024 and an overall increase in mortgage rates along with higher living costs mean that some households might struggle to apply for a new mortgage or buy a property in 2024 despite it being more cost effective to buy rather than rent.
Property Market Showing Signs of Recovery
Although the housing market remains uncertain right now, it’s predicted to look more positive as we leave 2024 and move into 2025. Mortgage interest rates are predicted to level out and pave the way for more affordable mortgages resulting in a reduction in the demand for property in the UK.
The average selling time for a property in Nottinghamshire is currently between 114 and 148 days with the average selling price at £311,043.
If you are feeling uncertain about what the current property market statistics mean for your circumstances, our team can help advise you on your options. If you would like to make an appointment, please contact us here.
Sources:
https://www.zoopla.co.uk/discover/property-news/rental-market-report/#
https://www.home.co.uk/guides/house_prices.htm?county=notts
