Industry News: Rightmove’s thoughts on the UK property market into next year

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Buyers to return to market in 2024 as asking prices fall one per cent – Rightmove

“House buyers who held off on purchasing because of the mini Budget are expected to go forward with plans next year as sellers reduce asking prices by one per cent, it has been predicted.” Click to read original article >>>

Rightmove have recently released some thoughts on the property market into 2024. Here’s a quick summary of their predictions and data:

  • House buyers delayed purchases due to the mini Budget but are expected to resume in 2024 as asking prices drop by one percent.
  • Rightmove predicts new seller asking prices will decline by the end of 2024, returning to pre-pandemic levels.
  • The average time to find a buyer has increased from 45 days last year to 66 days currently.
  • 39% of properties saw price reductions compared to 29% last year and 34% in 2019.
  • The first-time buyer market is affected by higher mortgage rates, and efforts will be made in 2024 to attract this segment.
  • Current average two-year fixed mortgage rate is 5.52%, and five-year fixed rate is 5.11%.
  • More property choices will be available in 2024, giving buyers a stronger position to negotiate.
  • The number of available homes has returned to pre-pandemic levels without signs of a significant increase.
  • Tim Bannister of Rightmove comments that 2023 has been better than expected, with stable buyer demand for well-priced properties.
  • Sales agreed are 10% lower than in 2019, indicating the need for more competitive pricing in 2024.
  • Asking price drops will vary by region, with some areas requiring more competitive pricing.
  • An overall one percent drop in prices is predicted for 2024, reflecting a potentially challenging year for some buyers and sellers.
Picture of Author: Stuart Phillips

Author: Stuart Phillips

Fully CeMap qualified, Directly Authorised by the FCA and with over a decade of experience, Stuart has a wealth of experience in both specialist BTL and residential mortgages.

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