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Rebound and Prospects of the UK Property Market in January 2024
一月 29, 2024
Rebound and Prospects of the UK Property Market in January 2024 伦敦
By   Internet
  • 都市报
  • UK property market
  • housing market rebound
  • housing market outlook
  • UK property
Abstract: The UK property market has been a topic of considerable interest. The latest Rightmove report indicates a significant rebound (+1.3%) in the average property prices in the UK in January 2024 compared to the previous month.

Although there was a 0.7% decrease in the average asking price in January 2024 compared to January 2023, this marks the largest surge in property prices from December to January since 2020.

However, looking back at 2023, it's evident that the UK property market remained subdued, with half of the months experiencing no increases and significant consecutive declines towards the end of the year. This situation was primarily attributed to the slowdown in the UK economy and political uncertainties. However, in 2024, with government support for the real estate market and banks offering low-interest loans, property prices are gradually rebounding.

Furthermore, HSBC announced offering fixed-rate mortgages for five years at rates below 4%, bringing hope to millions of homeowners needing remortgages. Barclays, Santander, and Co-op Bank also announced substantial rate cuts, offering mortgage deals with rates below 4%.

From a statistical perspective, the average rates for all new two-year fixed mortgage deals have significantly decreased to 5.76%, down by about one percentage point from last year's peak. For five-year deals, the current average rate is 5.37%.

Rebound and Prospects of the UK Property Market in January 2024

These actions by banks indicate that the Bank of England may start reducing interest rates this year, potentially leading to further rate cuts in the future. This will undoubtedly attract more homebuyers into the market.

Meanwhile, according to the latest Hamptons survey, homeowners in England and Wales made an average profit of £100,000 after selling their homes in 2023. 93% of homeowners sold their homes for more than they originally paid. In terms of regions, London homeowners made the highest profits last year, averaging £204,190.

Among them, families in Kensington and Chelsea in London made the largest cash gains in 2023, with sellers making an average profit of £680,580 higher than the initial purchase price. In terms of growth percentage, Barking and Dagenham in London ranked first, with the average selling price in 2023 being 74% higher than the initial purchase price.

This survey and research underscore the investment strength of UK properties. Despite continuous declines in property prices in 2023, sellers still made significant profits. Sellers who bought in 2021 and sold in 2023 still made an average profit of £56,170, 23% higher than the initial purchase price. Most of these profits were reinvested in the real estate market to purchase another property.

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Rebound and Prospects of the UK Property Market in January 2024
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