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Housing market 2024

Journalist: Fran Ivens, The Telegraph

ended 14. December 2023

Article for the Telegraph looking at the direction of house prices next year. 

Is next year set to be a buyer's market? 

What can you do to improve your home while you wait to sell? 

What should you do if you have to sell? 

Is this a good time to downsize?

 

5 responses from the Newspage community

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Editor
Samuel Mather-Holgate
Independent Financial Adviser at Mather and Murray Financial
The housing market is set for another difficult year. Although interest rates will fall, bringing affordability back to the home movers market, the economy is likely to fall into recession. I expect the market to be resilient and end up flat. This could sound pessimistic, as we don’t know stimulus a Labour government might add to the mix.
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Stephen Perkins
Managing Director at Yellow Brick Mortgages
House prices in 2024 will continue to hold steady and grow slightly, as, despite all the economic challenges, there is still a greater demand than supply for housing. With mortgage rates likely to reduce faster and earlier than originally thought on the back of the latest GDP data, the property market should see a substantial boost by Spring.
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Bob Singh
Founder at Chess Mortgages
2024 will be a formative year for the property market after what has been a turbulent year this far.

With fierce competition amongst lenders keeping brokers busy I see this continuing into 2024.

All eyes will be on the commentary behind todays base rate decision. The Bank of England will be keen to steer inflation further lower before embarking on a rate cut but a further set of poor GDP figures could precipitate a Q1 rate cut!

With SWAP rates ever edging down it’s bodes well for the property market as buyers plan to enter the market in 2024.

Overall a year to look forward to
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Elliott Culley
Director at Switch Mortgage Finance
Going into 2024 I expect the housing market to pick up. We are seeing positive news when it comes to rates and this will entice first time buyers back. Will it remain a buyers market? Perhaps for the start of the year, as rates will be higher than they are predicted to be at the end of the year and most landlords are looking to sell before the end of the current tax year due to changes in capital allowance. Different regions of the UK will also be affected differently. The government are also cutting new housing targets on councils, so all this will affect the market next year. There will be a tipping point and based on current predictions it may not stay a buyers market for long.
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Kundan Bhaduri
Property Developer and Portfolio Landlord at The Kushman Group
With the outlook for mortgage rates and inflation finally improving, the forecast for housing is looking better heading into the New Year. We predict that mortgage rates, which have declined over the past several weeks weeks, will continue to slide further. There has in fact never been a better time in the past 15 years to buy a house, than now.

Our forecast for 2024 is that the green shoots we've been waiting to see in the housing market should give buyers some optimism after a gruelling couple of years. Although mortgage rates are expected to ease throughout the course of the year, the continuation of high inflationary costs will mean that existing homeowners will continue to have a high threshold for deciding to move, but we will start to see more interest in the next quarter or two. Moves of necessity – for job changes, family situation changes, and downsizing to a more affordable market will drive home sales in 2024.