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International Business Times UK

Business

Pragati Singh

UK Property Market Anticipates 1% Price Drop in 2024 Amidst Seller Competition and Mortgage Rate Stability

Rightmove United Kingdom Bank of England Tim Bannister Nationwide

In 2023, the number of sellers reducing their asking price surged to 39%, a notable increase from 29% the previous year and 34% in 2019 (Credit: Reuters)

The UK housing market is poised for a one per cent decline in average house prices in 2024, according to predictions by Rightmove.

Additionally, the forecast attributes this dip to heightened competition among sellers, necessitating more competitive pricing to attract buyers. Anticipating a landscape where sellers will need to adopt more competitive pricing strategies to secure buyers in 2024, Rightmove also foresees a stabilisation in mortgage rates, albeit at persistently high levels.

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