Confused.com’s latest analysis indicates a significant decrease in UK house prices, anticipating an average decline of more than £50,000 by the conclusion of 2024.
This ‘deep dive’ into current housing market statistics by mortgage specialists from the comparison site, Confused.com, provides insights into the expected average value of UK homes in 2024. At present, the average UK home is priced at £246,575.
As predictions go, there’s a decline in sight. The average property price is projected to be about £201,495 by this period next year, further dropping to an estimated £195,652 by 2024’s end.
Many aspiring homeowners find accumulating the initial home deposit as their most significant hurdle in stepping onto the property ladder. Currently, a standard deposit of 10% in the UK stands at £24,658. By the third quarter of 2024, this figure is slated to decrease by over £4,000. By the year’s end, the required deposit could be as low as £19,565.
For those considering regional differences, the North East requires the smallest deposit, with first-time buyers needing £30,198.
In addition to these projections:
- Kensington and Chelsea in London topped the chart with the highest first-time buyer house price in 2023, pegged at £1.2 million.
- Thanet, located in Kent, witnessed the most significant year-on-year surge in first-time buyer prices since 2013, recording an 8.3% increase.
- Elmbridge, Surrey, noted the most substantial disparity between first-time buyer property prices and the overall house prices at 43.9%.
In related news, property consultant Knight Frank presented a less optimistic outlook earlier this week, forecasting a 7% fall in house prices this year and an additional 4% decline in 2024. This contrasts with their earlier prediction of a 5% drop for both 2023 and the following year.