Before committing to purchase, you would want to understand the current housing market. 2024 could be a good time to invest. Here are the 5 simple key points:
1. Mortgage deals are improving. In September 2022, Liz Truss shook the finance world and hit the UK economy when she announced the mini budget causing mortgage rates to soar. But rates started to fall again in the last quarter of 2023. All major mortgage lenders have slashed their rates since the start of 2024 in anticipation of cuts of the Bank of England base rate for the first time in almost 5 years. This is now driving rates under 4%, the lowest since 2022! Experts now agree that rates between 3% and 4% will eventually become a new normal.
2. London's rental market remains stronger than ever! Rents are continuing to rise in London due to under supply and high demand. Although it is good news for buy-to-let investors, the rise adds more weight and pressure on local's cost of living making it more difficult for local Londoners to save up for deposit and make it on the property ladder.
3. The local market has significantly slowed down making it a great opportunity for you to bag a right deal. Research from Zoopla demonstrates that asking price discounts in London have grown from 2.1% on average in 2022 to 6.1% by the end of 2023, which equates to an average saving of £25,000! This is the highest level of discount achieved on average in the last 5 years!
4. Limited new homes availability. Few new homes are expected to be on the market in 2024. Despite the lack of supply to meet demand in London and more globally in the UK, housebuilders have been launching less new projects to the market with some revisiting their planning to switch from building stock for sale to build for rent. The largest fall in new homes availability has been seen London's Zone 2 and Zone 4 to 6. There is therefore a chance for new homes prices to rise again once demand picks up.
5. Prices and house value will go up! Latest forecasts are predicting house values to go up by an average of £70,000 in London by 2028. But before going back up, it is anticipated that prices will continue to fall by another 4% in 2024 then regrow from 2025 by an average of 4.4% on year till 2028.
To help you plan your property investment project and get experts' advice on the best places to buy, get in touch with our team now.
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©️ 2023 London IPM Ltd trading as L2 International. Registration number 72253623-001-08-21-A. We obtained the information above from sources we believe to be reliable. However, although we have taken all reasonable steps to verify the accuracy of the information, we make no guarantee, warranty or representation about its accuracy or completeness. It is submitted subject to the possibility of errors, omissions, changes of price, rental or other conditions, prior sale, lease or financing, or withdrawal without our knowledge or notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the Property. You and your tax and legal advisors should conduct independent investigations of the Property and the transaction. The Property is marketed by such person(s) who provides the estate agency work exclusively in relation to properties outside Hong Kong and such person(s) are not licensed to deal with any property situated in Hong Kong. Computer generated images are indicative only and subject to change. *Price and details are correct at the time of going to issue. ^Travel times are approximate and taken from tfl.gov.uk and google.co.uk/maps.
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