UK House Prices Set to Fall in 2024 But Potential Recovery on Horizon
• UK house prices forecast to fall 2-4% in 2024 due to high interest rates affecting affordability • Prices fell for 6 straight months Apr-Sep 2023 but recovered slightly after • Mortgage approvals down 25% and sales completions down 20% in past year • Regional variation with south-east down 5.7% but Northern Ireland up 2.3% • Mortgage rates already falling and expected to drop further in 2024, potentially aiding recovery