The first quarter of 2024 will see a 3.6% decline in UK residential property prices, according to Reallymoving’s House Price Forecast Q1 2024. Greycoat informs how the forecast is based on the prices that buyers have agreed to pay in Q4 2023, as revealed by approximately 115,000 conveyancing quote forms on the comparison site.
The average property price will drop from £323,594 in Q4 2023 to £311,936 in Q1 2024, which is also a 3.6% decrease from the same period last year, Greycoat real estate comments. The main factors behind the price fall are high inflation and economic uncertainty, which have dampened housing market activity.
However, there are signs of improvement as mortgage rates start to ease and buyers adjust to higher borrowing costs. Reallymoving has seen a 73% increase in new registrations for home move services in the first week of January 2024 compared to the same period last year. And this is where Greycoat real estate specialists come in to help clients find their dream home.
First-time buyers account for 61% of all home movers, indicating pent-up demand from this segment, Greycoat shares. Reallymoving’s data anticipates Land Registry housing market trends by three months, as it captures the price buyers have agreed to pay when they secure quotes for conveyancing services on the site.
The site is used by almost 10% of all home movers in the UK, providing a unique insight into future house price movements. According to Greycoat Real Estate, the drop in prices may not be long-lived, as there still exists a large amount of pent up demand from those who decided to delay a move last year.