As we head further into 2024, our Head of Residential Conveyancing, Gayle Fordham takes a look at the current property market conditions:
Sales and Transactions
The UK property market is showing signs of increased activity, with sales forecasted to rise by 10% as buyers and sellers return to the market. Data from Zoopla indicates that all measures of activity were higher than last year, with agreed sales up by 15% and buyer demand up by 11%!.
Mortgage Rates and Affordability
The end of 2023 and the beginning of 2024 saw a dip in mortgage rates, which boosted market optimism. However, rates are on the rise again, and buyers should anticipate mortgage rates between 4-5% for much of 2024.
Economic Outlook
Various media outlets, speculate The Bank of England is likely to start cutting interest rates during the second half of the year. This could ease credit conditions and potentially impact the property market positively.
Conclusion
The UK property market is on a path of recovery with increased activity and transactions. However, buyers and sellers will need to navigate through the complexities of regional price variations and fluctuating mortgage rates.
If you would like a quote or advice about a residential property matter please visit Get a Conveyancing Quote or contact our team on [email protected].