What will happen to house prices in 2024?
This housing market this year has been better than many predicted, with lower-than-expected falls in asking prices, and good levels of demand from home-buyers for the right-priced homes. However, rising mortgage and interest rates have stretched the affordability of many people planning to move.
Our forecast a year ago was that average new seller asking prices would drop by 2% in 2023, and prices are currently 1.1% lower year-on-year. The average asking price of a home in Great Britain is now just above £355,000.
Will asking prices fall in 2024?
The housing market is continuing to return to more normal levels of activity following the frenetic post-pandemic period. Next year, we predict that average new seller asking prices will be 1% lower nationally by the end of 2024, as competition increases among sellers to find a buyer.
OneAgency can help get your property market ready for 2024. Get in touch today to book your FREE valuation on 01782 970222. We cover the whole of Stoke-on-Trent, Staffordshire and Cheshire.