Rightmove Forecasts a 1% Drop in UK House Prices for the Coming Year

“Bidding Battles Loom: UK House Prices to Tumble 1% in 2024!”

Hold onto your hats—Britain’s colossal property stage is about to witness a showdown! Brace yourselves as the grand prediction unfurls: house prices across the UK are gearing up to take a slight dip by 1% next year, signaling a seller’s showdown like never before, predicts the renowned property giant Rightmove.

Get set for an electrifying showdown among sellers as they hustle to clinch buyers in 2024. Rightmove’s crystal ball reveals a landscape where pricing wars will echo through the market. And although mortgage rates are expected to stabilize, they’ll still be holding their ground at higher levels.

Just a year back, Rightmove foresaw a 2% tumble in average asking prices for 2023. Yet, reality mirrored a 1.3% descent from 2022—a testament to the enduring battle against soaring mortgage costs and an unyielding cost-of-living squeeze.

Mind you, these numbers are the asking prices—what sellers hope for rather than the final tally. Brace yourselves for a potential 1% markdown on the national stage by the year’s end, as the property arena strives for a return to ‘normal’ post the pandemic frenzy.

Stats reveal a rise in sellers reducing their asking prices, soaring from 29% to 39% in 2023. Tim Bannister, the property sage at Rightmove, paints a picture of a somewhat subdued 2024: “An average dip of 1% in prices sets the stage for a challenging yet opportunity-laden year for buyers and sellers alike.”

However, amidst this tempest, Nationwide’s recent announcement of a 0.2% monthly price surge in November hints at a narrative at odds with the yearly drop of 2%. It’s a tale of contrasting tides in the property sea.

Zooming in further, Zoopla’s revelations sing a siren song for buyers, marking conditions as their best since the Brexit haze of 2018. But hold on, there’s a glimmer of hope for those eyeing remortgaging—a forecast of sub-4% rates on new fixed-mortgage deals by mid-2024, according to mortgage maestro John Charcol.

While mortgage rates may have been on a steadier descent since July, providing some stability to movers, Rightmove warns of a persisting snag: affordability woes. As the Bank of England maintains a firm stance on interest rates, buyers might find their spending power restrained.

So, as the curtains draw close on 2023, the property stage braces for a showdown—buyers, sellers, and rates locked in a dance that dictates the fate of the housing realm. The arena awaits, charged with anticipation and uncertainty.

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