The UK property market has proven to be persistent and resilient continuing to outperform many investment types, making it a strong market for investors in 2024.
Increased buyers demand
The demand and supply in the housing market plays a massive role in determining the interest rates and house prices. At the beginning of this year, Rightmove witnessed an increase in buyers demand by 5% and an increase of 15% in supply . This is uplifting news for investors to feel encouraged to put their best foot forward in the 2024 property market!
Favourable conditions
Zoopla estimates the average UK property price at £264,400, £2,100 less than a year ago. There has been a slight increase in house prices of 0.7% in January since 1.8% decline in December of 2023, yet prices are still at a historically high rate. Albeit it shows that the decline in house prices is slowing down, and that’s great news for investors with properties already in their portfolio.
Mortgage interest rates
On February 1st, the Bank of England maintained a base rate of 5.25%. Most money lenders are offering interest rates well under 4%, which has improved the affordability well compared to 2023. Knight Frank in response to the recent mortgage rates, revised its prediction of 4% fall in the prices to a 3% increase for 2024. If house prices were to increase towards the end of 2024, then it’s a positive push for investors to capitalise on capital appreciation.
If you are looking to invest in 2024, don’t wait any further! Have a look at the investment opportunities offered at E.R.E Property today.
