Good news, but it doesn’t mean we are returning to a pre-pandemic market. HSBC too has said it was revising its house price forecast, saying “we no longer see any further falls from here”. Nationwide predicts house prices will record another small decline in “low single digits” or remain broadly flat over the course of 2024. The housing market is expected to remain slow but stable over 2024. Halifax predicts house prices will drop between just 2pc and 4pc over the coming 12 months. The market’s lowest point was across August and September when recorded prices were 4.5pc below where they had been the year before. Yet the the dire predictions did not come to pass.Īverage house prices instead fell by roughly £3,000 in 2023, according to lender Halifax, in defiance of earlier predictions of a double-digit drop. Savills predicted that prices would fall by 10pc over the year. It is a slow recovery, but a far cry from the cataclysmic predictions seen in the wake of Liz Truss’ 2022 mini-budget that sent interest rates soaring. Sales are expected to fall by 4pc this year, according to estate agency Savills, before rebounding in 2024 and remaining broadly flat until 2027. Despite the property market beginning to show signs of recovery it still may be worth holding off before selling your house.
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