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Rightmove Predicts a 1% Dip in UK House Prices for 2024

Rightmove anticipates a 1% dip in UK house prices in 2024

As we look ahead to 2024, Rightmove, the UK's largest property website, anticipates a 1% decrease in average house prices nationwide. This projection arises from increasing competition among sellers and the expectation that mortgage rates will maintain an 'elevated' status.

In the midst of a property market grappling with higher mortgage costs and an enduring cost of living crisis, Rightmove foresees challenges for both buyers and sellers in the upcoming year. The website notes a transition to "more normal levels" of market activity after the post-pandemic rush.

The data reveals that in 2023, 39% of sellers had to reduce their asking prices, up from 29% the previous year. And, while Rightmove suggests a dip in house prices, Nationwide building society reported a 0.2% monthly increase in November, surprising some observers. Nevertheless, on a year-on-year basis, prices were down by 2% in November.

Zoopla recently highlighted that market conditions are currently the most favorable for buyers since 2018, offering a glimmer of hope amid uncertainties.

Despite the improvement in mortgage rates, Rightmove emphasises that affordability remains stretched for many buyers. With the Bank of England signaling that cuts to its base rate are not imminent and borrowing costs likely to remain elevated throughout 2024, some buyers may face limited spending power.

In conclusion, the property landscape in the coming year appears to present challenges for both buyers and sellers. As we anticipate the unfolding dynamics of 2024, the property market continues to evolve, offering both challenges and opportunities for those involved.

Source: The Guardian


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