Throughout 2024, the UK property market has been a mixed bag, shaped by the economy and the autumn budget’s initiatives. House prices struggled, especially for first-time buyers, as affordability remained a challenge. But there’s light at the end of the tunnel! Stabilising interest rates have brought some much-needed calm, and demand from first-time buyers and investors is starting to show signs of life. According to BuyAssociation, the market ended 2024 on a stronger note, with improving buyer confidence thanks to steadying inflation and interest rates.
The autumn budget brought some positive news, freezing stamp duty thresholds and rolling out incentives for eco-friendly building projects. These measures are designed to make home-buying and investment more accessible, as highlighted by BBC News and The Guardian.
Looking ahead to 2025, things could get exciting. BuyAssociation predicts house prices might rise by up to 5%, spurred by improved affordability and investor optimism. Rising rental yields and a stabilised economy are helping boost confidence. As BuyAssociation puts it, 2024 was a reset year, paving the way for a brighter property market future.
So, whilst it’s not all smooth sailing yet, the signs for a stronger property market are there – and as you’ll see in our Winter newsletter below, the Mortgages Made Simple team are here to help you make the most of opportunities in 2025, no matter where you are on the property ladder.
Click here to read the full newsletter: https://mailchi.mp/mortgagesmadesimple/december-christmas-2024-mortgage-review-and-2025-outlook-171224