Insight into the 2024 housing market
What will happen to the house prices in 2024?
The housing market in 2023 showed resilience with modest declines in asking prices and sustained demand from prospective homebuyers. However, the landscape wasn’t without challenges, as escalating mortgage rates tested the affordability thresholds of many aspiring homeowners.
Figure below shows the comparison of house price index changes for first time buyers across 5 major regions in the UK. Across the countries regions, house prices fallen 4.3% in London and 4.7% in the South Eastern region. The figure below shows the comparison of house price index across these 5 regions over the last 6 years for First time investors.
It seems that apart from London and the South East region, house prices have begun to correct. The North West region has experienced slight growth of about 1.3%.
