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26th September 2024
04:34pm BST
Experts have predicted a timeline for the decline in house prices in the UK.
The housing market is a treacherous place and for many is the source of plenty of worry with the uncertainty that surrounds it.
Only on Monday (23 Sep) Nationwide, the country's largest building society announced they would begin offering mortgages at six times a buyer's income as well as with a 5% deposit.
However, this deal will only be offered to those willing to take out a five or 10-year fixed-rate mortgage.
Meanwhile, rates are expected to fall meaning people may want a loan with interest fixed for a shorter term.
Unsurprisingly, the largest target audience for the new offer will likely be in London and the south east of England where house prices are the most inflated.
With applicants still having to meet relatively strict affordability criteria, which is assessed individually, many are unsure what the future holds for the market.
Fortunately for those looking to buy or sell their house in the near future, there is solid advice out there from experts.
As per API Global, Tim Bannister from Rightmove suggested that 2024 could be a good time to buy property as experts predict a marginal 1% fall in house price.
Couple this with a supposedly muted market and there could be some bargains on offer.
However, it is stressed that individual financial circumstances and market conditions are taken into account when deciding on buying property in 2024.
Despite a potential slowing down rising property costs, housing prices are still expected to increase 17.9% over the next five years, with Savills projecting an initial 3% decline in house prices followed by a 20% increase from 2025 up to 2028.
This increase would see a £45,521 rise on the average home price which by 2028 could sit at £300,108.
According to experts, the common factor in the housing market remains "high demand fuelled by population growth and low interest rates".
Well there you have it, the experts have spoken and the advice has been given - whether you stick or twist, that's up to you.
