House Prices Expected To Stabalise For The Rest Of 2024

The housing market is gaining momentum, with seller discounts narrowing and more sales being agreed upon. It's unlikely that house prices will fall further this year.

More sellers are entering the market due to a healthy job market and rising wages, resulting in a 20% increase in available homes across the UK compared to last year.

Affordable areas like the North West and Yorkshire are seeing the fastest growth in home sales, while the South West leads in new listings.

In London, limited supply keeps prices competitive, with only an 8% increase in available homes.

Executive Director of Research, Richard Donnell, believes that stable house prices and increasing sales show a positive trend, but buyers are still price-sensitive. Sellers may need to adjust prices to attract more interest.

Seller discounts are shrinking, indicating a return to pre-pandemic levels. While mortgage rates are unlikely to drop below 4% in 2024, improving buyer affordability depends on rising wages.

Overall, house prices are expected to remain steady for the rest of 2024, encouraging both buyers and sellers in the market.

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