The analysis reveals that since the base rate held at 5.25% starting September 2023, the average national house price has been declining at a monthly rate of -0.3%.
If this trend persists until the year-end, the average house price could decrease by -2.6%, equivalent to -£7,501, from today’s £283,428 to £275,927 by December 2024.
A closer look at regions shows that only two areas are expected to witness positive growth by December.
In the North West, the past six months saw an average monthly price growth of +0.4%. If this trend continues, prices are projected to increase by +4.3%, culminating in an average of £330,593.
Similarly, the North East experienced a monthly average price growth of +0.2%. If this trend persists until December 2024, prices are estimated to rise by +2.4% to an average of £164,235.
On the flip side, prices in all other regions are forecasted to decline, with the West Midlands (-7.8%), London (-6.8%), and Yorkshire & Humber (-6.3%) facing the most significant decline.
These forecasts from easyMoney align with the broader industry consensus, suggesting that the British property market will likely remain subdued in 2024.
Discover More: Dive into our property investment London and Liverpool new developments guides for more investment content.
