As 2024 unfolds, the UK housing market is poised for potential price increases, driven by a combination of limited supply, economic recovery, and government incentives. Whether you’re buying or selling, understanding these factors is crucial for navigating this competitive market.
What’s Driving House Prices Up?
1. Limited Supply and High Demand
The UK’s persistent housing shortage remains a key factor behind rising prices. Urban areas and commuter belts, including regions like Essex, continue to experience high demand, with new construction struggling to keep pace. This imbalance pushes prices upward, especially in areas with strong buyer interest.
2. Economic Recovery and Incentives
Improved consumer confidence and government schemes, such as Help to Buy and stamp duty reductions, are further fuelling demand. Affordable borrowing rates also encourage buyers to act now, intensifying competition for properties, particularly in regions offering a blend of value and convenience.
How to Navigate the Market
For Buyers
Acting sooner rather than later could save you money as prices rise. Understanding your budget, securing mortgage pre-approval, and staying informed about market trends will help you move quickly when the right property appears.
For Sellers
With house prices climbing, it’s an opportune time to sell. Ensuring your home is well-presented and accurately valued can maximise your return. Expert advice can also help you position your property effectively in a competitive market.
At Ashton White, estate agents in Billericay, we’re here to provide tailored guidance, whether you’re buying or selling. Our team’s expertise in Essex and beyond ensures you’re well-prepared to make informed property decisions.
