House prices expected to fall by 2% over 2024 according to Zoopla
Zoopla has released its housing market predictions and says that UK house prices are expected to fall 2% over 2024. The number of homes on the market has reached a five year high and in turn, led sellers to think more competitively about asking prices. If house prices continue to fall and incomes increase or if mortgage rates fall back, Zoopla forecasters believe that homes will become more affordable for those in the market to buy.
The report revealed that 4 in 5 housing markets are registering annual price falls, up from less than 1 in 20 just six months ago however the scale of these price falls is believed to be modest with no markets currently registering annual price falls of more than 5%. In 2024, Zoopla suggests that there will be an increase in markets registering 5% falls with sellers needing to adjust asking prices to counter weaker buying power.
On the whole, the report highlights that the risk of a major price collapse is becoming 'less of a concern, and an improvement in sales hinges more on buyers’ financial ability to move when mortgage rates are in the 4-5% range'.