Our House Price Index for October 2023 shows that annual house price growth is now at -1.1%. Here’s the outlook for the housing market in 2024 as it continues to adjust to higher mortgage rates.
The latest articles on house price index
Our House Price Index forecast edition reveals our housing market predictions for next year. So what will 2024 have in store?
Inflation drop and bank rate pause boosts buyer confidence as mortgage rates start to edge lower.
House prices have fallen annually for the first time in a decade, although buyer demand ticks higher and mortgage rates look set to come down.
High mortgage rates continue to weigh on the housing market as house price growth slows to the lowest level since 2012. Our House Price Index looks at the latest housing trends in August 2023 and how faster wage growth will support property sales in the coming years.
Wages are rising faster than house prices right now. If mortgage rates come down, housing affordability will start to improve.
More home buyers are negotiating discounts of 5% or more than at any time in the last 5 years.
Falling mortgage rates over H1 2023 boosted sales and led to firmer prices. This is set to reverse in H2 as higher mortgage rates hit buying power at a time when sellers are having to accept larger discounts to asking prices.
After a relatively buoyant start to 2023, recent mortgage rate rises are hitting buying power and more sellers are now offering discounts.
