House prices expected to rise in 2024

Property experts anticipate an upturn in UK house prices this year, with Pantheon Macroeconomics estimating a 5% increase.

This is welcome news for the property market, as prices fell by 1.8% over the course of last year¹due to depleting buyer demand. Knight Frank expect to see a more modest rise of 3%, having initially predicted that prices would continue to fall. These forecasts are dependent on the Bank of England cutting interest rates, which Oxford Economics anticipate happening in May. This would reduce mortgage rates and, in turn, improve housing affordability.

In fact, 2024 already shows promise, with Rightmove stating that the average asking price increased by £4,571 between December and January.

Your home may be repossessed if you do not keep up repayments on your mortgage.

¹ Savills