Brightening Prospects for UK Residential Market in 2024
February 12, 2024
As we step into 2024, the UK residential market is showing promising signs of recovery and growth. Key indicators from recent surveys and market reports paint an optimistic picture for both buyers and sellers.
The January 2024 RICS UK Residential Market Survey revealed a positive shift in various metrics, indicating an improving outlook for the sector. Notably, there’s an expectation of increased sales volumes in the coming months, driven in part by anticipated interest rate cuts by the Bank of England.
Buyer demand is on the rise, with new buyer enquiries experiencing a significant uptick nationwide. Agreed sales are also seeing an encouraging upward trend, signaling optimism among respondents regarding future sales volumes.
Despite ongoing fluctuations, house prices are showing resilience, with average prices witnessing a fourth consecutive monthly rise. Northern Ireland leads in annual growth, followed by positive growth in Scotland, Wales, and several regions across the UK.
The recent surge in mortgage searches further underscores the growing activity in the market. Purchase mortgage searches have more than doubled compared to the previous month, reflecting increased interest from first-time buyers and Buy-to-Let investors.
The availability of mortgage products remains stable, with adjustments reflecting market dynamics. The recent boost in activity, particularly driven by self-employed individuals, indicates a growing confidence in the market’s stability.
Experts predict continued growth in house prices as multiple interest rate cuts are expected in 2024. The current market conditions, including reduced mortgage rates and steady demand, are fostering an environment conducive to both buyers and sellers.
While challenges such as affordability persist, the overall sentiment remains positive. The resilience of the housing market coupled with favorable lending conditions bodes well for a robust performance in 2024.
In conclusion, the outlook for the UK residential market in 2024 appears bright, with increasing activity levels and a steady trajectory towards growth. As we navigate through the year, staying informed about local market trends and seeking guidance from experienced professionals will be crucial for making informed decisions in this evolving landscape.