Essentially Mortgages Q1 2024

• What has the property market got in store for 2024?
• Should I overpay my mortgage?
• Protecting your home against storms this winter

What has the property market got in store for 2024?

2023 was not the most predictable of years for the property market. So, as we begin 2024, what’s in store for homeowners and movers?

There are three questions on the minds of analysts and house buyers alike: Will asking prices continue to fall? Will mortgage rates drop, and by how much? And lastly, will housing affordability improve?

House prices predicted to fall again

With the average asking price dropping by 1.3% in 20231, many analysts predict prices will continue to
decrease this year. While Rightmove forecasts a fall of 1%, others 2 believe prices could plummet by as much as 10%. This is largely due to the ongoing cost-of-living crisis, and a pressure on sellers to price competitively in a buyer’s market.

Tim Bannister of Rightmove commented, “In areas where sellers are struggling to attract affordability-stretched buyers or needing to sell quickly due to a change of circumstance, new job opportunity, or strong desire for a lifestyle change, we are likely to see even more competitive pricing.”