{"id":11812,"date":"2023-11-18T20:18:35","date_gmt":"2023-11-18T14:48:35","guid":{"rendered":"https:\/\/farratanews.online\/house-prices-tipped-to-bear-brunt-of-drops-in-these-three-areas-in-2024-personal-finance-finance\/"},"modified":"2023-11-18T20:18:35","modified_gmt":"2023-11-18T14:48:35","slug":"house-prices-tipped-to-bear-brunt-of-drops-in-these-three-areas-in-2024-personal-finance-finance","status":"publish","type":"post","link":"https:\/\/farratanews.online\/house-prices-tipped-to-bear-brunt-of-drops-in-these-three-areas-in-2024-personal-finance-finance\/","title":{"rendered":"House prices tipped to \u2018bear brunt\u2019 of drops in these three areas in 2024 | Personal Finance | Finance"},"content":{"rendered":"

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House prices tipped to \u2018bear brunt\u2019 of drops in these three areas in 2024 (Image: GETTY)<\/span><\/span><\/div>\n

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House prices in the UK have suffered their first annual fall in 11 years, official statistics show.<\/p>\n

The average property price dropped by 0.1 percent in September compared with the same month last year, figures from the Office for National Statistics (ONS) revealed on Wednesday.<\/p>\n

This signalled the first year-on-year drop since April 2012, valuing the average property in the UK at \u00a3291,000. The ongoing slowdown of annual house price inflation, which has been steady since July 2022, shows no signs of stopping as we move into the next year.<\/p>\n

Looking ahead, James Needham, director of property investment company Alesco, said \u201cit’s likely\u201d the market will witness a \u201ccontinued stagnation\u201d in expensive markets, such as London and the broader southern regions.<\/p>\n

He told Express.co.uk: \u201cThis is largely influenced by mortgage rates, compelling buyers to scale back their budgets. On the flip side, regional markets are anticipated to experience a gradual increase, fuelled by improved affordability.\u201d<\/p>\n<\/div>\n

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READ MORE: <\/strong> HSBC unleashes mortgage interest rate cuts with 20 deals below 5% <\/strong><\/p>\n<\/div>\n

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Experts say it’s “likely\u201d the market will see a \u201ccontinued stagnation\u201d in expensive markets next yea (Image: Getty)<\/span><\/span><\/div>\n

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According to Mr Needham, buyers are increasingly considering more economical locations, like Greater Manchester instead of central Manchester, in response to these affordability factors. However, certain areas might expect more significant price drops in 2024.<\/p>\n

Mr Needham said: “We expect the South West, South East, and London to bear the brunt, given their already high property prices.<\/p>\n

\u201cAreas with elevated property values are likely to feel the impact as mortgage rates reduce affordability. While we don’t expect a massive price drop, we foresee a slowdown in the market with fewer transactions.<\/p>\n

\u201cBuyers and sellers are adjusting their expectations accordingly. The asking price and sold price are likely to get closer as sellers need to make moves in this changing landscape.”<\/p>\n

According to the ONS stats, London’s average house prices remain the most expensive of any region in the UK, with an average price of \u00a3537,000 in September 2023. Nevertheless, this figure represents a 1.1 percent decrease compared to the same period last year.<\/p>\n<\/div>\n