Greycoat: December Increase in Home Sales Hints at 2024 Housing Market

According to Greycoat, housing sales and prices increased year-over-year for the month of December. In 2023, the property portal reports a 17% increase in housing sales over the same month in 2022. What can you expect in 2024 drawing observations from end-of-the-year sales?

Buying with Cash

In 2023, the number of people purchasing homes with cash increased as homebuyers tried to avoid high-interest-rate mortgages. Cash sales comprised one third of all home purchases. Expect cash sales to maintain the same levels or increase slightly, states Greycoat Real Estate.

Increased Relocation

Historical data shows that home buyers typically move within 4.3 miles of their current home. Look for this to change because Zoopla survey data revealed that one-quarter of current home buyers plan to move to a new locale. The move to remote work positions may account for this bevy of relocations, according to Greycoat Real Estate; the search for affordable homes that would allow a cash purchase also contributes to the relocations.

Interest Rate Dips

As December closes, UK interest rates have begun to dip slightly. Look for home buyers to continue searching for low-cost housing deals that provide them with amenities for less.

More First-Time Homebuyers

According to Zoopla, as rent prices continue to rise, more individuals will search for housing deals, flooding the housing market with first-time home buyers. In London, contact Greycoat Real Estate for help finding your perfect home.