Towards the end of 2023 and start of 2024, the forecasts for the UK property market were rather doom and gloom, with a predicted 4% decline. Despite these projections, the UK property market has surprised the nation and is now expected to rise by 3% in 2024.
Whilst house prices on average are still 0.7% lower than a year ago, according to Nationwide, house prices rose by 1.2% in January and February 2024, which saw the first annual price increase since January 2023. Halifax recorded a staggering 2.5% annual price increase in January, citing that house prices have now risen for the last four months, compared to having previously fallen for six consecutive months.
So, what does this mean for the market and prospective buyers? With the new forecast for 2024 now predicting a 3% rise in the UK property market, a house price increase is imminent. Nonetheless, when you reserve with Shropshire Homes, the house price you reserve at is fixed, meaning that if you reserve today, you will not be paying more for your new home, regardless of it potentially increasing in value between now and your completion date, whether that is 3 or 6 months.
With prices set to rise further, it could result in mortgage rates decreasing. However, we have a solution for you - with our panel of financial advisors from RSC New Homes and Newhomes Mortgage Services, if your provider decreases their mortgage rate prior to you purchasing your new home, our expert lenders can switch your interest rate, ensuring you receive the best possible deal to suit you.
Considering these factors, not only are you buying your new home for a competitive price, you can also rest assured you are receiving the best interest rate for your mortgage, which is why we believe that now is the best time to reserve your dream home with Shropshire Homes.
Make our house your home, visit: https://www.shropshire-homes.com/developments
Sources:
https://www.thetimes.co.uk/money-mentor/mortgage-property/good-time-buy-a-house