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Property in 2024: should you buy, sell or stay put?
If you've been waiting for the market to settle before moving house, find out what might happen in the next few months
'Is now a good time to move house?' is one of the most commonly asked property questions, whether it's from first-time buyers looking to get on to the ladder, homeowners in search of a larger family property, or downsizers wondering if making the move really makes financial sense.
In truth, there's no perfect time to move home – but by doing your research you can work out whether now is a good time for you, or whether you might be better holding off for a little longer.
Here, we explain the pros and cons of making the move in 2024, from concerns over a slowing property market to stubbornly high mortgage rates.
First-time buyers: should you buy a home in 2024?
House prices fell slightly this year, and it appears likely that values will again go down rather than up in 2024. But while lower house prices are a positive for cash-strapped first-time buyers, it's unlikely that we'll see huge drops.
HSBC and Nationwide are forecasting broadly flat prices, and Halifax predicts a drop of between 2% and 4%. Of the property portals, Rightmove predicts a 1% fall and Zoopla a 2% decrease.
The table below shows the impact that different price drops could have. Figures are based on average first-time buyer prices around the UK, according to the Land Registry.
| Land | Average first-time buyer price | 2% drop | 3% drop | 4% drop |
| England | £258,028 | £252,867 | £250,287 | £247,707 |
| Scotland | £156,309 | £153,183 | £151,620 | £150,057 |
| Wales | £186,399 | £182,661 | £180,807 | £178,943 |
- Find out more: what's happening to house prices?
It's a buyers' market
The number of properties sold dropped considerably in 2023, as first-time buyers and home movers alike struggled with high mortgage rates.
Data from HMRC shows just 90,000 homes sold in October – down 17% year-on-year. Figures from Rightmove, meanwhile, show that homes are taking on average 66 days to find a buyer, compared with 45 days a year ago.
A slow market is good news for people looking to buy a home. Zoopla says buyers achieved an average 5.5% discount on asking prices in November, compared to 3.4% in the first half of the year.
When starting your property search, take a look at how long properties have been on the market and whether they've already been reduced – a home that appears to be out of your price range might not necessarily be so.
- Find out more: how to make an offer on a property
Mortgage rates may have peaked
Mortgage rates have been high for more than a year now, but there are signs that things are improving for first-time buyers.
Three consecutive holds in the Bank of England base rate, and a falling rate of inflation, provide some confidence that mortgage rates may well have peaked.
Data from Moneyfacts shows the average two-year fix has dropped from 6.85% in August to 6.04% in December.
When buying with a small deposit, every little helps. If you can stretch to a 10% deposit (rather than 5%), you can access considerably cheaper rates and cut your monthly repayments.
- Find out more: how much deposit do you need for a mortgage?
Longer mortgage terms become more commonplace
While rates are high, first-time buyers may be tempted to take out a longer mortgage term to improve affordability.
This means you'll ultimately be paying back more money, but should rates drop significantly you may be able to remortgage to a shorter term.
Previously, 'marathon' mortgages of 35 or 40 years have only been available to the youngest buyers, due to maximum age limits on loans.
However, we're now seeing more lenders increase their maximum borrowing ages to 75 or above.
Home movers: should you sell up and move in 2024?
We're a nation obsessed with house prices, but it's important not to fret too much about the value of your home.
If the average UK house prices were to drop by 5% overnight, they'd only be back to the level they were in May 2022.
The long-term forecast for prices is positive. Savills predicts that prices will start to rise again in 2025 (by 3.5%). Cumulatively, it forecasts an overall rise of 17.9% by the end of 2028.
This means that if you're considering progressing up the ladder, house prices are important but they're not the be all and end all.
Price your home tactically
With houses selling more slowly than before and buyers securing bigger discounts, you'll need to price your home competitively if you want it to sell.
Earlier this month, we spoke to several experts about how to set an asking price. Their advice was that a competitively priced home will attract more interest and higher bids than one that requires the buyer and seller to negotiate downwards.
There's recently been a lot of attention on first-time buyers and people looking to downsize, but those looking to move to larger family homes also face difficulties.
Data from the Land Registry shows that the average gap in price between a semi-detached and detached house is now £179,000, up from £173,000 a year ago.
At a time of high mortgage rates, many homeowners may find it difficult to afford the additional repayments required to make the step up to a bigger property.
- Find out more: mortgage borrowing calculator
Factor in the cost of moving
Moving home isn't just about house prices and mortgage rates; you'll also need to factor in additional costs.
Annual data from the price comparison site Reallymoving shows the average cost of moving is now more than £14,000.
Stamp duty (£6,500), estate agent fees (£4,700) and conveyancing (£2,038) were the main costs.
- Find out more: the cost of moving house
Homeowners: should you stay put in 2024?
There are several factors that might convince you to put off a move for a year or two.
A slow property market and high mortgage rates aren't particularly enticing for homebuyers, and the cost of living crisis hasn't gone away.
There's also the very real possibility of a general election some time in 2024, bringing about the possibility of new property interventions from the current government, or a new government with new ideas.
Think about remortgaging costs
Around 1.5 million households will come to the end of their fixed terms in 2024, according to the Financial Conduct Authority.
For some, this will mean remortgaging to a deal priced at around 5% from one priced at around 1.5% – a significant increase in monthly repayments.
This will be enough to encourage some homeowners to stay put and hope that by the time their mortgage comes up for renewal again in two or five years, they'll have more wiggle room financially.
When remortgaging, think carefully about for how long to fix. If you're thinking seriously about moving soon, a two-year fix will give you greater freedom and mean you avoid early repayment charges.
- Find out more: mortgage repayment calculator
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