House Market Predictions 2024 – What the Experts Say

house market predictions 2024 - Feature Image

When it comes to house marketing predictions, no one is fully certain on the results, but businesses like us are here to provide you with our best knowledge.

Below we will talk about a range of topics to guide you.

There are numerous factors that you can take into consideration that may help your choices in house marketing for this year.

Will House Prices Fall in 2024?

Given the complexity of housing prices and how tricky it can be to guarantee them you may never find a specific answer to this question.

However, the housing market has had a confident start to the year.

UK House Price Forecast

Average UK house price is £263,600
Various house price forecasts predict house prices will drop around 1% – 3% in 2024
Purchasing a property in 2024 may help you avoid getting priced out if property prices rise
The average property price has increased by 0.7% month on month.

Mortgage Interest Predictions 2024

Many experts predict that interest rates will remain at their current level for the majority of 2024.

As a general rule, if interest rates fall, the mortgage rate forecast would also apply to mortgage rates too, which equals them both to fall.

What are the latest UK mortgage rates?

In February 2024, the average mortgage rates according to Rightmove

Average 2 year fixed mortgage rate at 60% LTV was 4.62%
Average 5 year fixed mortgage rate at 60% LTV was 4.30%
Standard variable rate (SVR) is 8.17%

House Prices Predicted to Drop 1%-3%

The latest five-year forecasts predict that house prices will hopefully fall by 3% in 2024.

However, this will be followed by price increases in 2025, 2026, 2027 and 2028 as affordability pressures slowly ease.

Transactions are expected to remain at around 1.01m in 2024, rising to 1.16m per year at the end of the forecast period in 2028.

What are the Pros of using a Real Estate Agent?

Tailoring their services

Real estate agents offer services that can tailor to your needs when it comes to the property market.

If you have specific requirements for purchasing or selling a property, real estate agents have years of experience to adapt to your needs.

Trained negotiators

A major advantage that comes with a real estate agent is that they are skilled negotiators.

It takes a lot of time and effort to master the art of persuasion.

Good real estate agents negotiate on your behalf, which means closing a deal will be a much easier process.

Time and convenience

Buying or selling a property alone can be extremely time consuming, allowing a real estate agent to help you can take a lot of stress off your hands.

When hiring an expert to carry out the responsibility of selling or purchasing a property for you, you will have a lot of stressful responsibilities taken from you.

Not only is this time-effective, but it is also convenient.

Local market information

Lastly, you will gain access to local market information, real estate agents typically tend to have more local market knowledge than the average person.

Real estate agents will know the latest market trends, suitable price points and the best ways to promote your home’s availability or gather you more chances of purchasing a home.

What are the Cons of using a Real Estate Agent?

Cost

Real estate agencies commonly charge a commission fee based on the sale price of the property.

Cost is one of the biggest drawbacks of working with a real estate agent and buyers could possibly experience additional fees.

Difficulty Finding the Right Agent

Every real estate agent is different.

So this can be quite the challenge to find the one that suits you best.

It’s important to do your own research to confirm that you have found an agent who has the experience, knowledge and skills to meet your specific requirements.

Why should you use a real estate agent?

Using a real estate agent can do wonders for buying and selling properties.

With their years of experience, agents provide a range of services to give you the upper hand.

You will be guided through complex situations and real estate agents can serve as trusted advisors every step of the way.

Can you sell your house without a real estate agent?

Buying or selling a home without an estate agent is perfectly legal, but may be harder than you expect.

This means that it comes down to you to set an asking price, take pictures, advertise the property, show around prospective buyers and do all of the price negotiations directly.

It requires a lot of time and effort to complete this process alone.

Choose Lyons Estates to be Your Next Real Estate Agents

Having an estate agent to guide you through is not a legal requirement, but as you can see can be a huge help.

We’re an estate agents based in Merseyside and have years worth of experience behind us.

We’ve had many deals throughout the years which have included both commercial and residential.