Summary of Housing Market Forecast for 2024

Key Points:

• Expected Price Increase: House prices across the UK are forecasted to rise by 2% by the end of 2024.
• Market Dynamics:
  • The increase in house prices is driven by a higher number of homes being put up for sale.
  • More sales are being agreed upon compared to the previous year.
  • Estate agents have more homes for sale than at any point in the last six years.

Detailed Insights:

• Zoopla’s Prediction: The property portal Zoopla attributes the positive outlook to an increased supply of homes on the market.
• Sales Data:
  • In the four weeks leading up to July 21, there was a 16% increase in the number of sales agreed compared to the same period last year.
  • This surge in sales activity suggests growing confidence among buyers and sellers.

Market Conditions:

• Increased Supply:
  • The number of homes for sale has grown, giving buyers more choices and supporting a stable price increase.
  • Estate agents have noted a significant rise in inventory, with more homes available for sale than at any time in the past six years.
• Price Stability:
  • The increased supply is helping to keep price inflation in check, preventing drastic price hikes while still promoting moderate growth.

Economic and Social Factors:

• Economic Stability:
  • The forecasted price increase reflects broader economic stability and confidence in the housing market.
• Impact on Buyers and Sellers:
  • For buyers, the increased inventory means more options and potentially better deals.
  • For sellers, the stable price increase indicates a healthy demand, making it a favorable time to sell.

Conclusion

The housing market in the UK is expected to see a moderate rise in prices towards the end of 2024, supported by an increased number of homes for sale and a higher rate of sales agreements. This positive outlook, predicted by Zoopla, reflects a balanced market with stable economic conditions, offering opportunities for both buyers and sellers.