Navigating the Dynamics of Home Values in 2023 and 2024:

In the realm of property values in 2023, an intricate dance unfolded. Here we dissect the key findings to gain a deeper understanding.

A noteworthy revelation is that 1 in 10 UK homeowners witnessed a substantial increase of 5% or more in their property value during the year. Surprisingly resilient, a significant 77% experienced minimal fluctuations, defying earlier projections that hinted at potential major price falls. On the flip side, a notable 13% found themselves in the challenging position of witnessing a decline of 5% or more in their home's value.

Reflecting on Forecasts: A Revisitation of expectations:

Casting our minds back just over a year ago, conversations and predictions centered around a potential 10% drop in house prices for the year 2023. However, as we peer through the lens of retrospection, the narrative takes on a more nuanced and resilient hue.

A Snapshot of 2023:

Over 50% of UK homes either maintained or experienced an increase in value during the year. A staggering 77% managed to stay within a +/-5% range, signalling stability that has evolved since the introduction of more stringent mortgage regulations in 2015.

Championing the Victors:

The fortunate 10%, constituting 3 million UK homeowners, revelled in gains of 5% or more, with an average windfall of £17,200. Geographically, the North West emerged as a standout performer, with half a million homes basking in substantial value increases.

Navigating the Challenges:

In contrast, the South East bore the brunt of the undulating market dynamics. A notable 18% witnessed a dip of 5% or more, translating to an average loss of £13,200. Coastal enclaves like Dover and Hastings became epicentres of decline, reflecting a recalibration post-pandemic.

Looking Ahead to 2024: Anticipating Trends

As we usher in the new year, our gaze shifts to what lies ahead. Forecasts for 2024 hint at a modest average fall of around 2% across the country. Yet, the narrative is far from uniform, as regional idiosyncrasies are expected to continue shaping the trajectory, mirroring the diverse trends observed in 2023.

For those contemplating the sale of their homes or those simply driven by an insatiable curiosity, the recommendation is to embrace a more personalised exploration. Consider obtaining a free, in-person valuation from us.

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Written by Veera Josey, 2nd February 2024

Sources: HM Land Registry, Registers of Scotland, Energy Performance Certificates and Zoopla.