The UK property market experienced some challenges during 2023 thanks to a range of wider economic factors, but it is back on a positive growth track in 2024.
House prices have been increasing very slightly all year so far following falls in 2023. As inflation fell and the Bank of England finally cut the base rate of interest, confidence returned to the market and the outlook got brighter.
Lenders began offering sub-4% mortgage rates again and that led to increased market activity in July according to Zoopla.
House prices are higher now than this time last year, and the property portal forecasts that the average property price will go up 2% by the end of the year.
The lower mortgage rates have brought buyers back into the market and signalled to sellers that this is a good time to put their house up for sale. The number of availlable homes to buy has gone up by 16% accordingly.
Greater supply and more buyers is supporting sales growth across the UK.
What does the UK property market look like for investors in 2024?
The increased activity and the upward momentum of average house prices is great news for property investors. Even if you are not looking to sell a property right now, the market's improved strength as a whole is a benefit.
Investors need a healthy market, and the resilience of UK property has won out again.
Revised estimates from Savills show that house prices could increase by a lot more in the coming years - up to 21.6% by 2028.
In the North West, that figure goes up to 28.8% over the same time period thanks to cities like Manchester where city centre apartments for sale are one of the most most desirable prizes in the entire market.
Developments like Berkeley Square provide a great opportunity for investors looking for the best Manchester buy to let properties.
Is this a good time to invest in UK property?
Yes, this is a great time to invest in UK property. House price growth forecasts and similarly strong rental growth predictions mean we are at the beginning of a new propety cycle.
Research from Oxford Economics shows that potential GDP growth over the next five years has increased from 7.2% to 8.9%, and wage growth from 15.8% to 16.4%
That is being reflected in property and makes this an ideal time to look at UK buy to let properties.
Get in touch today to learn more!