Greycoat Real Estate Unveils Promising 2024 UK Housing Market Trends

Greycoat Real Estate’s analysis of the housing market’s performance in the early weeks of January and February reveals promising trends. The real estate company attributes this trend to falling mortgage rates and demand from the latter half of 2023. 

Buyer demand has surged by 11% compared to the previous year, with notable increases across all regions of the UK, particularly in London, the North East, and the North West. Despite historically low house price growth in London since 2016, recent data indicates a slight improvement in affordability, Greycoat instills.

This, although it remains a pricey market in the area. The whole and total increasing number of homes for sale compared to last year suggests a narrowing supply-demand gap. According to Greycoat, it offers buyers more options and improves the likelihood of successful sales agreements.

Another reason for the increased housing market demand is the growing market confidence occasioned by more sale agreements. Additionally, Greycoat informs, this year has seen a 10% increase in newly listed homes for sale compared to the previous year.

However, the average time for a sale agreement in 2023 was longer than in the previous year. It suggests a more cautious approach from buyers despite improving market conditions. Housing affordability and mortgage rates influence this variation in sales periods across regions, Greycoat finally shares.