Will house prices drop in 2024?

Various surveys and predictions estimated that house prices would drop by 5% in 2023 and this may continue into 2024, with some predicting an even larger drop. At the moment, the most recent data shows that house price growth is slowing down – in September 2023, house prices were 0.5% lower than a year ago, with the average UK house now costing £264,100.

For many, even a small slowdown in house price growth will make getting on the ladder more affordable, making the start of 2024 the year to buy. The average discount buyers are getting to asking prices has increased (now it’s 4.2% – £12,130 off the original price). So, if you’re wondering if it is the right time to buy, making the move now could mean you position yourself for price reduction and deals.