As Greycoat Real Estate enters 2024, it’s vital to look back at the past year to see where the market has been to know where it’s headed. The year 2023 is when buyers and real estate prices ebbed and flowed. The fluctuating market origins lie in inflation going up and down.
That resulted in rising interest rates and lower home prices. Buyers kept waiting for the right moment most of the year, and it never came. Active buyers are active because they have reached a breaking point. So, Greycoat specialists rapport, it’s no surprise that 2024 will start with more of the same.
Home prices will continue to decline, and mortgage rates at lenders and banks will continue to rise. The mortgage rates will slowly fall sometime next year, allowing hesitant buyers to take advantage and seize the market. When the buyers arrive, the home prices will stop falling.
Housing and real estate industry experts believe London will lead the way in this breakthrough period. The capital city has plenty of cash buyers ready to snatch up property. The rising interest rates do not affect them as they pay in cash, not mortgage loans. Because of this, Greycoat explains, their home price average will increase by 1.8% in 2024. Meanwhile, the UK average in 2024 will be a 3% decline in home prices.
While there’s a gradual increase in London and a steady decline across the UK, the Real Estate Agency continues to monitor the home-buying market for any changes. We did so in 2023 and will continue the search in 2024, 2025, and beyond. When that opening arrives, at Greycoat, we will encourage our clients to enter the market and make that property purchase now.