The UK property market in 2024 is navigating a period of steady recovery, buoyed by declining mortgage rates and increased market activity. With average mortgage rates dropping to two-year lows, property sales have surged, with agreements up 25% compared to 2023. This shift has restored confidence among both buyers and sellers, creating momentum across the housing sector.
1. Stabilized Prices:
The average UK house price stands at approximately £266,400, with a modest annual growth of 2.5%. Regions like London and the South East are seeing buyers pay closer to asking prices, reflecting stronger demand.
2. Increased Supply:
There is a notable 19% increase in properties available for sale compared to last year, allowing more options for buyers and tempering price inflation.
3. Rental Market Resilience:
The rental market remains robust, with demand consistently outpacing supply. This imbalance has driven rental prices higher, particularly in urban areas where availability remains tight.
4. Energy-Efficient Homes on the Rise:
The drive toward sustainability is influencing buyer preferences. Homes with better energy performance ratings are increasingly in demand as they offer long-term savings and meet evolving government regulations.
Despite positive trends, challenges such as affordability issues and regional disparities persist. While cities like Manchester and Birmingham continue to attract first-time buyers and investors, rural areas face slower growth.
The UK housing market in 2024 shows resilience, marked by recovery in both sales and supply. Whether you're buying, selling, or renting, staying informed about these trends is key to making savvy property decisions.
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