Challenges in the UK property market included falling property prices, declining housing transaction volumes, and rising mortgage interest rates. These issues were particularly severe for the UK real estate market, impacting first-time buyers significantly and making affordability more challenging.

Several factors contributed to these problems. Firstly, economic instability affected market stability. Global trade tensions, Brexit, and other economic changes all played a role in influencing market development to some extent.

Secondly, some government policies had an impact on market performance. For instance, the government's austerity measures in housing loans led to an increase in mortgage interest rates, subsequently reducing affordability for first-time buyers. Additionally, the growing rental market attracted many potential buyers, leading to a decline in housing transaction volumes.

However, in 2024, the UK property market may receive some positive news. The inflation rate has decreased, potentially prompting the government to lower interest rates, thereby reducing the borrowing costs for mortgage loans and stimulating more transaction activities. Meanwhile, the government may introduce plans to support first-time buyers, improving their affordability and market prospects.

Apart from government interventions, other factors may influence the development of the UK property market. Factors such as stability in the job market, growth in business investments, and technological advancements may have positive impacts. For example, virtual reality technology can provide potential buyers with a better home viewing experience, promoting more transaction activities.

In summary, in the coming years, the UK property market will continue to face numerous challenges but also opportunities. Government interventions and economic changes may alleviate market pressures and inject new vitality. However, market stability depends on various factors, requiring joint efforts from the government, businesses, and consumers to achieve sustainable development.

The UK government has recognized the severity of the issues and has taken measures to mitigate the situation. For instance, there are plans to construct more housing in the coming years to meet the growing demand. The government also plans to introduce initiatives to support first-time buyers, helping them enter the real estate market more easily.

Furthermore, businesses and consumers can take actions to adapt to the changing market. For example, buyers can improve their financial situation through savings and investments to make purchasing homes easier. Real estate developers can consider using more environmentally friendly building materials when constructing new homes to meet consumer demand for eco-friendly housing.