Property market recovery exceeds expectations

Experts are optimistic about the recovery of the property market, which has been performing better than expected. Factors such as cheaper mortgage rates, a stable economy, and increased public confidence in finances have contributed to this positive trend. House prices fell by 1.8% in 2023, a smaller drop than anticipated, and recent data shows a 1.4% increase in the average UK house price in the first quarter of 2024. Experts believe the market has reached its bottom and expect prices to remain flat or slightly increase by the end of the year. Analysts predict a 5% rise in house prices for the UK this year, citing increasing mortgage approvals, rising wages, and potential mortgage rate reductions. London is expected to experience stronger price growth, with homes selling above asking price for the first time since 2016. Estate agents are more confident about the market, particularly for family houses. 

The Daily Telegraph (16/04/2024)