UK House Prices Drop by 2-4% in 2024



Despite recent increases, Halifax forecasts a 2-4% drop in 2024. Get the latest figures and predictions on UK house prices.

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UK House prices have defied expectations and risen by 1.7 per cent in 2023, according to the latest figures from Halifax. The mortgage lender reported that average prices rose for the third consecutive month, increasing by 1.1 per cent in December alone. The typical UK home now costs £287,105, which is £4,800 higher than it was in December 2022, but still £7,000 below the peak recorded in summer 2022. Despite these positive numbers, Halifax has forecasted that house prices will fall on average by between 2 per cent and 4 per cent in 2024. This forecast remains unchanged despite the recent increase in prices.


UK House Prices Drop by 2-4% in 2024

However, there are differing opinions on the future of house prices in 2024. Some commentators argue that a different story will play out this year. Mortgage lenders are cutting rates on a daily basis, with several major institutions announcing mortgage rate cuts. NatWest, First Direct, TSB, MPowered Mortgages, HSBC, Halifax, and Gen H have all made rate reductions in the past month. Additionally, Lloyds Bank, Leeds Building Society, Bluestone Mortgages, Hodge, and LendInvest Mortgages have also announced rate reductions so far this year.

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While the recent rise in house prices may seem promising, the forecast for 2024 still suggests a potential decrease. However, the ongoing rate cuts by mortgage lenders may indicate a different trend in the housing market. It will be important to monitor these developments closely to understand the true trajectory of house prices in the coming year.

UK House Prices Drop by 2-4% in 2024

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