Chestertons UK Property Market Forecast 2024
December 13, 2023 Reading Time: 10 minutes
Chestertons UK Property Market Forecast 2024
Chestertons UK’s latest property market forecast aims to answer that all important question “What will happen to UK property prices next year?”.
Including:
- Price Predictions: A slight decline of -0.3% in UK house prices for 2024, while Prime Central London and Greater London is expected to see a 1.8% growth, driven by the number of cash buyers.
- Rental Growth: Rents will continue to rise over the next two years, with a predicted 5% increase in Prime Central London and across the UK in 2024, and a smaller increase of 4.5% in Greater London.
- Mortgage Rates: It is predicted that mortgage rates will come down slightly in the coming years as the Bank of England base rates are predicted to fall to 5.1% in 2024, and 4.5% in 2025.
- Economic Factors: Despite falling inflation, economic growth has stalled and unemployment is gradually rising. The prospect of an upcoming General Election adds uncertainty, especially for the top end of the market which is often sensitive to changes to tax rules.
Read more and download the full report from chestertons.co.uk here
frequently asked questions
The forecast, dated 13 December 2023, projects UK house prices falling by 0.3% in 2024, while Prime Central London and Greater London prices are forecast to grow 1.8%, attributed to the number of cash buyers.
Rents are forecast to rise 5% in Prime Central London and across the UK in 2024, and 4.5% in Greater London. Rents are expected to keep rising over the next two years.
The Bank of England base rate is forecast at 5.1% in 2024 and 4.5% in 2025, and mortgage rates are expected to come down slightly in the coming years.
Inflation is falling but economic growth has stalled and unemployment is gradually rising. The upcoming General Election adds uncertainty, especially at the top end of the market, which is sensitive to tax changes.