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International Business Times UK
International Business Times UK
Business
Jastine Beatrice Yap

UK Housing Market Set for 3% Rise in 2024 Amidst Economic Resilience

Bank of England United Kingdom Housing Market
The changing dynamics in the mortgage market, marked by a competitive pricing war, have contributed significantly to the recalibration of house price forecasts. (Credit: Raffle House)

UK house prices are poised to defy earlier predictions of a decline in 2024 as mortgage pricing competition and Bank of England interest rate reductions reinvigorate the property market.

Following a year marked by continuous price decreases in 2023, the forecast for UK house prices now anticipates a 3 per cent increase in 2024. This adjustment comes in contrast to their earlier projection of a 4 per cent decline.

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