The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
The property sector is beginning to show signs of
recovery. With inflation falling and interest rates peaking, the
outlook for 2024 is a lot more positive.
THE HOUSING MARKET
In September 2023, according to the Office for National
Statistics (ONS) the UK experienced its first fall in average house
prices since April 2012. However, to put this into perspective, the
provisional estimate for the average UK house price was
£291,000 in September 2023, which was little changed from 12
months ago.
Interestingly, Zoopla reported that discounts to asking price
average 5.5% or £18,000 – the highest in five years
– and are even larger in the South of England, suggesting
that people selling their homes are becoming more realistic and
agreeing to larger discounts.
