Are houses selling right now? Pondering the idea of putting your house on the market? 2024 might just be the perfect time to do so. House prices have been doing an interesting dance lately—after years of steady climbs, they're taking a bit of a breather. Sometimes it's good to catch that wave before it rolls back out, especially if you're dealing with a Buy to Let property or a second home.
Now, you might have heard all sorts of chatter about house prices—some say they're up, some say they're down—but truth be told, people are still out there moving homes for all sorts of personal reasons:
Life does its thing—death, money matters, or divorce often push people to sell or buy homes. Jobs make us pack our bags and move. Sometimes, it's about finding that perfect cozy spot or realising your little family needs a bit more elbow room. Our homes are more than just walls and roofs; they're our financial nest. So, it's a good idea to see how the market is performing before making that big decision about selling.
What's happening in the property world right now? Well, in December 2023, mortgage rates decided to stir things up a bit, playing a role in house prices. The stats from Nationwide's House Price Index show the average UK house price in November 2023 was £258,557—down about 2% from November 2022's £263,788.
But hold on, there's a silver lining! Mortgage rates have been on a bit of a rollercoaster since July 2023, sliding down even into December 2023. Good news for potential buyers, right? However, they're still not back to those incredibly low rates we've seen in recent years. So, hooking up with a fee-free mortgage broker is the savvy move to nab those top-notch deals for interested buyers.
Time for the crystal ball... what's happening to house prices in 2024? Forecasts are hinting at a possible drop of 1%-3%, but no crash like the one predicted for 2023.
Now, if you're wondering, 'should I sell my house now?', here's the scoop on sales: Yep, houses are still changing hands in the UK. HMRC stats from September 2023 might show transactions hitting a 10-year low, but don't let that fool you—86,000 residential properties still found new owners that month. Sure, that's 17% down from September 2022, and it's taking a bit longer—62 days to find a buyer, up from last month's 59 days and beyond the 12-month average of 56 days.
Here's the truth: if your gut's telling you it's time to sell, maybe because you're eyeing a new life elsewhere, don't let the buzz about property prices keep you waiting. It's all about doing what feels right for you.
And if you're mulling over 'Should I sell my house now or wait' because your property's value seems a bit shaky, here's the truth: the property you're eyeing might also be feeling the pinch. So, it could even things out in the end.
Bottom line? When it comes to selling your house, it's not just about the numbers—it's about your story, your journey, and what fits into your life right now. That's where the real answer lies. So, to answer the original question, are houses selling right now? Yes! They certainly are, so don't hold off chasing your new dream home.