🏚️ Key Insights on the UK property market 2023/2024:
In December 2023, the average property price in the UK was £284,691, with an annual price change of -1.4% from December 2022 (according to UK House Price Index). However, Nationwide Building Society reports a positive trend in the first two months of 2024, with a month-on-month increase of 0.7% in both January and February. For the first time in over a year, the average property cost rising by 1.2% in the year to February.
House prices still significantly above pre-pandemic levels, with an avg. increase of £70,000 since Feb 2020 (UK House Price Index).
⭐ Prime central London sees smallest falls in 2023 at -0.8% (Savills)
🏠💰 Insights on the UK buy to let market 2023/2024:
Buy-to-let mortgage rates in February 2024 have dropped to their lowest since September 2022, now averaging 5.5%. However, this remains higher than the 3.06% recorded in February 2022 (Which?).
Buy-to-let market contracted sharply in 2023 (-53%) and forecast to further contract by 13% in 2024 (UK Finance).
🏠 📝 UK Rental prices performance and forecast 2023/2024:
Avg. annual rental growth currently at 10.5%, with supply up 20% but still 30% below average for this time of the year (Property Investor Media Ltd). Avg. rental yield for buy-to-let properties now at 5.3% (Benham & Reeves).
⭐ Prime Central London rents increased by 4.4% in 2023 (Savills)