The past 18 months have been a turbulent time in the property market, buffeted by rising mortgage rates, a drop in transactions and a lack of homes coming up for sale.
Now, however, a sense of optimism is returning, due to cheaper mortgage rates, a more stable-looking economy and greater optimism from the public about their finances.
Property analysts, estate agents and economists believe that this is a buyer’s market, with activity, sales and prices all recovering faster than expected since the start of 2024.
Some experts have suggested that now may be the time to buy, as house price falls have bottomed out – and values may soon rise again.
What is happening to house prices?
House prices fell by 1.8pc over 2023, according to lender Nationwide, and dropped by a total of 6pc between the peak of the market in August 2022 and December 2023. This was a much smaller drop than many analysts had been expecting, with some having forecast falls of as much as 30pc from peak to trough.