UK house prices expected to fall in 2024

UK house prices are expected to fall in 2024, according to analysts and lenders. The Government's official forecaster predicts a drop of nearly 5%, while lenders expect a smaller decline. Rent prices for newly-let properties are also projected to rise by 5-6%. UK Finance, which represents banks and lenders, said it expected mortgage lending to fall, and for more people to fall into arrears. It predicts UK lending for house purchases will drop by 8% in 2024. Robert Gardner, Nationwide's chief economist, said: "If the economy remains sluggish and mortgage rates moderate only gradually, as we expect, house prices are likely to record another small decline or remain broadly flat over the course of 2024." 

BBC News