It’s tricky to know the ideal time to buy a house, and it’s unlikely you’ll time the market perfectly. In an ideal world, you’d buy at the point in time that both house prices and mortgage rates reach their lowest point.
Nathan Emerson, CEO of Propertymark, said his organisation is “optimistic” that the “peak of turmoil” in the property market has passed.
Built up demand caused by this year’s economic uncertainty indicates that 2024 will start off with a very active property market.
Over the last year, despite the wider economic headwinds, property prices have held up better than expected.
UK house prices rose by 0.2% in November, after taking account of seasonal effects.
No one knows how hard the property wind will blow and from which direction but there are possible breaks in the storm next year to consider.
Amid the highest tax burden since the second world war and sky-high mortgage rates, the Chancellor Jeremy Hunt has delivered an Autumn Statement that seeks to put the UK economy “back on track”.
Historic data suggests that this should likely bring about an increase in sales volumes and house prices.
High mortgage costs are taking a toll on the UK housing market, with average new seller asking prices suffering the sharpest fall in November for five years.
