{"id":2915,"date":"2024-02-21T16:00:42","date_gmt":"2024-02-21T15:00:42","guid":{"rendered":"https:\/\/pfadvisors.co.uk\/?p=2915"},"modified":"2025-04-07T13:44:40","modified_gmt":"2025-04-07T11:44:40","slug":"what-has-the-property-market-got-in-store-for-2024","status":"publish","type":"post","link":"https:\/\/pfadvisors.co.uk\/en\/what-has-the-property-market-got-in-store-for-2024\/","title":{"rendered":"What has the property market got in store for 2024?"},"content":{"rendered":"

2023 was not the most predictable of years for the property market. So, as we begin 2024, what\u2019s in store for homeowners and movers? There are three questions on the minds of analysts and house buyers alike: Will asking prices continue to fall? Will mortgage rates drop, and by how much? And lastly, will housing affordability improve?<\/em><\/p>\n

House prices predicted to fall again <\/strong><\/p>\n

With the average asking price dropping by 1.3% in 2023 [1], many analysts predict prices will continue to decrease this year. While Rightmove forecasts a fall of 1%, others [2] believe prices could plummet by as much as 10%. This is largely due to the ongoing cost-of-living crisis, and a pressure on sellers to price competitively in a buyer\u2019s market.<\/p>\n

Tim Bannister of Rightmove commented, \u201cIn areas where sellers are struggling to attract affordability-stretched buyers or needing to sell quickly due to a change of circumstance, new job opportunity, or strong desire for a lifestyle change, we are likely to see even more competitive pricing.\u201d<\/em><\/p>\n

Will mortgage rates drop, too? <\/strong><\/p>\n

Despite mortgage rates declining in the second half of last year, the consensus is they will continue to remain high; some analysts [3] predict they will not lower to 4.5% until H2 of 2024 and the Bank of England has advised to not expect an immediate dip in interest rates. There are, however, some positive signs that both mortgage and interest rates have peaked.<\/p>\n

Is mortgage affordability improving? <\/strong><\/p>\n

Mortgages became a little more affordable at the tail end of 2023 \u2013 in September, the average monthly repayment for those purchasing was \u00a364 lower per month than in July [4]. On the other hand, the Bank of England expects that, by the end of this year, the number of households with increased mortgage payments will have risen by 1.6%.<\/p>\n

Here to help <\/strong><\/p>\n

We can help you navigate the changing property and mortgage markets in 2024.<\/p>\n

1 Rightmove, 2023,<\/p>\n

2 finder.com, 2023,<\/p>\n

3 Zoopla, 2023,<\/p>\n

4 Octane Capital, 2023<\/p>\n

\ud83d\udea8 Data accurate as of the date of publication \u2013 21.02.2024<\/p>\n

\ud83d\udea8Think carefully before securing debts against your home.\u00a0 Your home may be repossessed if you do not keep up repayments on your mortgage.<\/p>\n

\ud83d\udea8 The above material is for informational purposes only and does not constitute a sales offer or financial advice. Before taking out any insurance, credit agreement or other financial product, you should obtain individual advice on your requirements and the general terms of the contract.<\/p>\n

 <\/p>\n

Source: Quilter Financial Planning \u2013 Essentially Mortgages Q1 2024<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

2023 was not the most predictable of years for the property market. So, as we begin 2024, what\u2019s in store for homeowners and movers? There are three questions on the minds of analysts and house buyers alike: Will asking prices continue to fall? Will mortgage rates drop, and by how much? And lastly, will housing […]<\/p>\n","protected":false},"author":3,"featured_media":2913,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[28],"tags":[],"class_list":["post-2915","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"\nWhat has the property market got in store for 2024? - Prestige Financial Advisers<\/title>\n<meta name=\"description\" content=\"2023 was not the most predictable of years for the property market. 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