UK House Prices have been FALLING for over a year and are widely forecast to DROP further in 2024, however, are these house price predictions about to be proven WRONG?

A UK housing market crash has looked very likely ever since inflation led to a huge surge in interest rates and mortgage payments, however, house prices have proven to be more resilient than many of us expected.

After a year of turmoil in the UK housing market, the latest House Price Indexes from the ONS, Halifax, Nationwide and Rightmove indicate that a full blown UK house price crash has been avoided.

Unfortunately, these reports are causing confusion among potential buyers and sellers who are finding that the indexes don't appear to match what is actually happening in the real world. In a recent Twitter poll, over 80% of followers stated that the house price indexes do not reflect what is happening in their local area.

The UK property market is in a very precarious position yet over the past couple of weeks a mortgage war has broken out with lenders seemingly desperate to lend money.

Last week I applied for a mortgage agreement in principle and was shocked to be offered a salary multiplier of x 4.75! This was higher than I was offered during the peak of the market and is a worrying sign that potential buyers may be tempted and facilitated to overpay in this risky market.

What will happen to house prices in 2024? How much will house prices fall in 2024? Let us know your house price predictions in the comments below!

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