What does the UK property market forecast for 2024 look like?
The property market in the United Kingdom is dynamic and constantly evolving. Colliers’ Global Investor Outlook for 2024 reveals a decidedly buoyant outlook for investment in Europe, with six major cities: London, Paris, Berlin, Munich, Madrid and Amsterdam.
But let’s take a small step back: 2023 saw high interest rates and a market made up of approximately 90% buyers who applied for mortgages; this reduced the number of sellers, as only 10% were cash buyers (and very speculative ones at that).
2024 shows a dynamic change, with lower interest rates and increased opportunities. Access to debt is becoming easier, suggesting a phase of growth in the property market. Further improvements are expected in 2025, with forecasts of lower inflation and interest rates, as well as an increasing number of properties on the market and buyers, leaving the previous stagnation behind.
This near-future outlook suggests investing now before a possible price increase linked to increased access to debt.
Mortgage Rates in 2024
HSBC is the first major lender to bring mortgage rates below 4% this year, with a five-year fixed rate of 3.94%. For a family with a fixed-rate mortgage with a balance of £250,000 to be paid off over 20 years, the new rate would mean savings of £114 per month in repayments.
HSBC has also cut its two-year fixed-rate mortgage to 4.49%, which is below the market average of 5.76%. Halifax and Leeds Building Society have also cut their fixed-rate mortgage rates by up to 0.92 percentage points, prompting other lenders – Santander, Barclays – to follow suit and providing relief for many mortgage contracts, accelerating their repayment.
Welcome Home: Your guide in the London Property Market
In this context, Welcome Home stands out as a reliable support for those who want to navigate the property market in London. With its decade of experience, the company assists Italians who wish to relocate in finding and purchasing their ideal accommodation. In addition, Welcome Home offers the same assistance to those who wish to sell their home in the British capital, saving time and money by carrying out pre-due diligence, market analysis and screening of agencies to be commissioned, coordinating the entire commercial negotiation process quickly and accurately.
Now is the time to explore new developments in the UK property market, and Welcome Home is the qualified partner to guide you through this process without getting lost.
