As we enter early 2024, the UK housing market shows a blend of resilience and regional differences, offering fresh insights into house prices, rental markets, and mortgage rates. These elements play a vital role in shaping the future of the UK housing sector, with SARScore ready to improve accessibility within this ever-changing landscape.
House Prices
In January 2024, house prices rose by 0.7%, bringing the annual growth rate to -0.2%. This stabilisation follows a period of fluctuating mortgage rates and economic uncertainties. Regional differences remain clear, with the South of England seeing the biggest price drops. For example, Rossendale enjoyed the highest growth at 5.9%, while Hastings experienced the largest decline at -8.4%. SARScore’s innovative approach to assessing property accessibility provides a valuable tool for prospective buyers and real estate professionals, helping them make better decisions in a fluctuating market.
Mortgage Rates
The mortgage rate scene is changing, with demand growing as rates start to fall. The focus has shifted to the number and timing of rate cuts expected in 2024. Major lenders like Halifax and Leeds Building Society have already lowered their mortgage rates, indicating a positive direction for the property market. SARScore’s comprehensive accessibility ratings can further empower buyers, ensuring that properties meet the diverse needs of homeowners and investors alike.
Rental Market
Rental growth across the UK has slowed, with an annual growth rate of 8.3% in 2023, slightly down from previous periods. Despite this slowdown, growth remains historically high, with London continuing to experience the highest annual rent increases, although with a slight decrease from its peak. SARScore’s focus on inclusivity and accessibility can enhance the rental market by providing detailed insights into property accessibility, benefiting both tenants and landlords.
Market Outlook
The UK housing market is set for a strong 2024, supported by expected mortgage rate cuts and potential pre-election policy measures aimed at boosting demand. These developments, along with a more optimistic economic outlook, are expected to energise market activity. SARScore’s role in providing real-time accessibility data can further support this growth, enabling informed decisions and promoting an inclusive environment for all market participants.
Conclusion
For a detailed analysis and further information, explore insights provided by Savills for February 2024, Savills for January 2024, the Office for National Statistics’ update on the rental market, and Knight Frank’s perspective on mortgage rates and market demand. As the housing market evolves, SARScore is ready to lead the way in ensuring accessibility and inclusivity for all, driving a more connected and fair future in the UK housing sector.
