Property values across the United Kingdom increased during the first few weeks of 2024, and many economists feel that this could become a trend for the rest of the quarter, Greycoat specialists assure. The consumer price inflation that kept many British home shoppers away from the market.
This, since Brexit and through the COVID-19 pandemic has been receding since the summer of 2023, and this has resulted in a flurry of purchase inquiries received by estate agents over the last two quarters. Greycoat explains that house prices in the UK are being driven solely by demand.
When inflation began slowing down in the second quarter of 2023, it took less than a month for estate agents to get busy again. There was an inflationary uptick in December, but it was not significant enough to deter property hunters. Greycoat adds that the Bank of England is not expected to raise interest rates at this time, thus encouraging lenders to roll out more competitive mortgage rates and packages.
According to industry analysts at Greycoat Real Estate LLP, a property investment firm focused on the lucrative central London market, home values could continue to rise as long as the Bank of England leaves the base rate unchanged. Mortgage lenders hold the key to keeping this trend alive by keeping interest rates low and competitive, but they can only do this if the base rate holds steady.
When looking at other property markets in the Eurozone, it is easy to see that things are looking better this year, Greycoat agency finally explains. Germany is emerging from a pandemic recession that was not as deep as initially feared, and the International Monetary Fund is predicting solid GDP growth. This wider regional forecast will also impact the UK market positively.