Greycoat Real Estate has identified an important trend in the real estate market in the United Kingdom. They predict house prices in the region will fall again. This is based on a number of factors. They include home sales in the fourth quarter of 2023, and an analysis of about 115,000 conveyance quote forms.
The team at Greycoat Real Estate anticipates that in the first 3 months of 2024 the price of residential property in the United Kingdom will fall about 3.6%. In the fourth quarter of 2023, home prices, as well as the mortgage prices in the United Kingdom fell by as much as 4.5%.
Forecasting Land Registry Data
Greycoat Real Estate can accurately predict Land Registry activity because they do research using reliable sources of information on what home buyers will do in the next quarter. Their Land Registry research shows house prices in the UK are lower than 12 months ago by £11,500. Lower mortgage rates are boosting the affordability of residential property in the UK, the real estate professionals at Greycoat Real Estate explained. That has helped to counteract a rocky economy and high inflation has cast on UK home sales.
Registrations for surveying, removals, conveyances and other home move services have increased by 73% in early January 2024 compared to 2023, the team at Greycoat Real Estate pointed out. The volume of first-time home buyers now make up 61% of the people moving into new homes. Many more first-time buyers are just waiting for the right time to buy.