One third of people expecting 2024 rise in house prices

December 26, 2023 by Brendan O'Neill

House Prices

A new report that comes from Property Tracker shows that one third of people in the UK are expecting to see a rise in the average price of a house during the next year.

This report found that 33% of respondents expect prices to go up during 2024. By contrast, figures that were published early in the autumn saw just 20% predicting rises in house prices throughout next year. The latest report was published by the Building Societies Association (BSA), and it suggested that the overall prospects for the industry were brighter now than they had been since autumn last year.

Among the reasons why the outlook is now more optimistic than before are the price rises that have taken place during the final months of this year, the return to lower interest rates among mortgage lenders and the end of rate increases.

According to the report, the percentage of people who expect further drops in house prices has gone down compared with the September figures. Back then, 39% were forecasting this, whereas that percentage has now fallen to 24%. That amounts to one out of every four people.

Other matters that were raised by this report included the issues standing in the way of those wishing to buy. 68% said that finding an affordable mortgage was the biggest problem they were facing, compared with 71% during September.

Those who have completed the CeMAP training course to become mortgage advisors will be pleased to see a more positive outlook for next year.