Greycoat Real Estate: Insights into the UK Housing Landscape

For 2024, the price of UK housing is likely to fall further than it did in 2023, according to Greycoat real estate specialists. Higher interest rates are affecting the ability of many to afford a home. However, the London housing industry is a market that is positioning itself to resist the downward trend in home prices. 

As interest and mortgage rates ease, London hopes more people will consider home ownership. In the past decade, low-interest rates drove housing growth and made mortgage rates much more affordable. For Greycoat, it is no surprise that the housing market has slowed as a result of interest rates rising 14 times between December 2021 and August 2023. 

Unfortunately, the era of super-low-interest rates may be a thing of the past. The good news is that the Bank of England has no immediate plans to raise interest rates and may help to adjust the market by offering small interest rate cuts.  Greycoat agency informs that these are small fixes, but beyond these, the housing market is not expected to recover quickly over the next several years. 

Add to this the fact that unemployment numbers are on the rise, which reduces the number of people who look to buy homes. It is important to note there are a number of cash buyers who are not affected when interest rates edge higher. For Greycoat, there is a stronger outlook for a slight increase in housing prices in 2025. 

However, the industry expects this projected growth to be steady and slow, as opposed to significant. Rental prices also increased during 2023, to around eight percent in London. A limited supply of available rental properties and a growing renter population are likely the cause. Greycoat Real Estate is an independent company with more than four decades of experience in asset management across various real estate sectors. The company keeps a close eye on real estate trends across the UK. 

For 2024, the price of UK housing is likely to fall further than it did in 2023, according to Greycoat real estate specialists. Higher interest rates are affecting the ability of many to afford a home. However, the London housing industry is a market that is positioning itself to resist the downward trend in home…