Over the last year or so, the UK housing market has been wracked with significant hikes in mortgage rates, a downturn in the economy and also factoring in the cost of living crisis. As we approach the end of Q1, the outlook seems to be more positive for new and existing home owners as mortgage rates begin to stabilise and interest rates are suspected to subside around summer 2024.

Here are some stats according to the Land Registry data as of December 2023.

• The average price of a property in the UK was £284,691 which was £4000 lower than the 12 months prior.
• Average UK house prices increased by 0.1% between November 2023 and December 2023, compared with a decrease of 0.8% during the same period 12 months ago.
• Mortgage approvals for house purchases, an indicator of future borrowing, increased to 50,500 in December 2023 from 49,300 in November 2023
• The average property price for a first time buyer in the UK was £237,655 and for a previous owner/occupier was £331,686
• Between July and September 2023, there were 182,888 property sales.

Is 2024 a Good Time to Buy?

Compared to 2023, and as me move further into 2024, now could be a good time to buy and will hopefully continue to improve with the prediction that interest rates will continue to decrease over the course of the year. As always, buying a property at any time is a huge commitment to make and you should ensure you have fully considered your own circumstances beforehand.

Is 2024 a Good Time to Sell?

With property price trends tending to dip over the last year or so, selling your home now could be a good move to avoid losing out if they continue to decline further. Although house prices are not expected to crash, they are predicted to fall by a further 1-3% in 2024. On the flip side, if you are looking to sell your home to buy another, then the price drops could also be in your favour.

It’s always worth approaching a professional advisor to discuss your personal and financial circumstances and work out what the best option for you is.

Do you need some support as a first time buyer or an existing homeowner this year? Whether you are buying or selling and don’t know if the current property climate is the right time to go ahead based on your circumstances, our friendly and experienced team can help you. Book an appointment here. Source: https://www.gov.uk/government/statistics/uk-house-price-index-for-december-2023/uk-house-price-index-summary-december-2023#economic-statement