Analysis based on average of 6,069 monthly registrations for conveyancing quotes.
Method
Methodology Section:
This research was carried out using ‘price paid’ datasets from the Land Registry and house price information entered into the Conveyancing quote form on reallymoving. Registrations for conveyancing quotes are typically completed 12 weeks before a transaction date, giving reallymoving a unique perspective and forecast on house prices. As such, forecasted data for July-September is based on registrations from April-June.
The data is both seasonally and mix adjusted, considering the time of year, the type of property, leasehold/freehold, number of bedrooms and whether the property is a new build or an existing property.
Data used included only residential properties priced between £40,000 - £3,000,000, to account for errors in submitting the quote form on reallymoving.
2024 Update
In 2024, the property market presents a complex landscape for buyers, sellers, and those considering staying put. With fluctuating house prices and mortgage rates, the decision to move is not straightforward.
First-time buyers may find opportunities in a slightly declining market, though significant price drops are unlikely.
Home movers face a slower market, necessitating strategic pricing for successful sales, while homeowners might ponder the benefits of remortgaging amidst economic uncertainties.
This year, understanding the nuances of the property market is crucial for making informed decisions about buying, selling, or holding off on property moves.
Will house prices go down in 2024?
In 2024, the trajectory of house prices is a key concern for many in the property market. Current trends and forecasts suggest a slight decline in house prices.
Major financial institutions like HSBC and Nationwide predict broadly flat prices, while Halifax anticipates a drop of between 2% and 4%. Property portals Rightmove and Zoopla project decreases of 1% and 2%, respectively.
This indicates that while a significant plummet in prices is unlikely, a moderate downward trend could be expected, offering some opportunities for first-time buyers.
However, the market remains dynamic, and these predictions should be considered within the broader context of economic factors and market conditions.
About reallymoving
Launched in 1999, reallymoving is the UK’s leading provider of free instant quotes for home moving services. It is an independent and privately financed company, majority owned by its management and directors.
During 2023 reallymoving generated almost 582,000 quotes on behalf of its UK-wide network of partners, representing approximately £150 million worth of work in 12 months. Reallymoving estimates approximately 9% of the UK’s home movers receive quotes from the site.
Reallymoving provides instant quotes for conveyancing, surveys, removals, Scottish home reports and EPCs.