"Prices have bounced back"
There is more positive news for the UK housing market this week, as official figures show that a slowdown in the housing sector in 2023 caused by rising mortgage costs may be over, and a downward trend in house prices has ended.
A housing market recovery in 2024 is predicted after average UK house prices fell by only £4,000 last year, according to newly-released figures from the Office for National Statistics.
Gains of more than 20% since 2020
This follows gains of more than 20% since 2020 that added over £60,000 to the average UK house price.
An increase in house prices is predicted as pent-up demand from first-time buyers and cash buyers now able to access far cheaper mortgages than they could in 2023 comes into play.
Figures from Nationwide and Halifax show that prices have bounced back from the beginning of the year as mortgage loan costs fall.
Thinking of moving? Get a free valuation of your home
If you are thinking of moving and would like a free valuation of your home, please get in touch with Preston Baker.
We are committed to get you the best outcome possible when you sell your home. We can also help you find your next home.
