Greycoat Real Estate Agency´s 2024 Real Estate Trends
As 2023 comes to a close, the UK housing crisis is still in full swing. Though there have been some interesting developments towards the end of the year, such as home purchases spiking by 18%, home and rent prices are still much higher than they were pre pandemic. Greycoat Real Estate has been keeping its eye on the situation and has been able to make some bold predictions for the 2024 real estate market based on what has occurred this year.
Since London was hit the hardest by the housing crisis, it only makes sense to look there first, Greycoat shares. This year there were much fewer people leaving the city than expected but those that did were either downsizing or first-time home buyers. Next year will likely prove different though as higher borrowing costs will have more people looking for cheaper real estate outside of London.
Surging Demand
The increase in demand for housing we’ve seen at the end of 2023 should continue into the first quarter of 2024. While demand is growing, prices should slowly lower. The catch is that even with prices coming down slightly, they are still well above what they were pre pandemic prices and will likely stay that way throughout 2024. For Greycoat, this means that affordability will still be one of the market’s biggest challenges.
Confidence and Inflation
Finally, the reliable Real Estate Agency notes that while confidence in the housing market is beginning to return, inflation is also coming under control. For Greycoat, this means that there will be further pressure on the market that will drive down mortgage rates.
As 2023 comes to a close, the UK housing crisis is still in full swing. Though there have been some interesting developments towards the end of the year, such as home purchases spiking by 18%, home and rent prices are still much higher than they were pre pandemic. Greycoat Real Estate has been keeping its…