There has been a surge in house sale activities, going up to an impressive 17% increase, attributed to the increase in new sales recorded during the last quarter of 2023. According to Greycoat Real Estate, the market looks promising as more optimistic predictions indicate more house sale activities in 2024.
Greycoat real estate agency confirms that this is good news for all property agents and buyers looking for new houses in 2024. The recent House Price Index indicates a 19% increase in housing demand favored by a decline in housing prices from 7.2% to 1.1% in November 2023.
The increase in the supply of available homes has also immensely helped align buyers’ and sellers’ price expectations. According to Greycoat, the statistics also indicate that at least a quarter of buyers have paid in cash.
This, in addition to the great fact that some buyers all around the world currently have preferred houses far from the city, which are cheap and affordable. Greycoat Real Estate attributes the substantial price fall to the increase in housing supply and strategic focus on local moves. The momentum in new sales is expected to persist in 2024, thanks to the continued decrease in mortgage rates.
The affordability of mortgages is still a challenge as banks are yet to predict the general labor market trend, but there is hope it might improve. The reliable Real Estate Agency projects a further 2% fall in housing prices in 2024, although the property market is still overvalued by 10-15%. Despite the challenges, Greycoat anticipates a lively start as more motivated buyers looking to buy houses come 2024. They are willing to utilize available financing options and go beyond geographical barriers.