First-Time Buyers in Brackley: What to Expect in 2024

Table of Contents

Introduction: 

In 2024, prospective homeowners in Brackley face an exciting yet dynamic landscape in the UK property market. Aspiring first-time buyers need a comprehensive understanding of these shifts to make informed decisions.

Overview of the Current Property Market: 

Previously, the buoyancy of the UK property market was driven by ultra-low interest rates and incentives like the stamp duty holiday, leading to soaring house prices. Unfortunately, many first-time buyers found themselves priced out of the market.

However, 2023 presented a stark contrast due to a cost of living crisis and higher interest rates, resulting in a market slowdown. The House Price Index indicated a 23% reduction in sales compared to the previous year, with Zoopla forecasting a flat 1 million sales in 2024.

Zoopla’s data suggests that first-time buyers were the biggest buyer group in 2023 and this is likely to continue in 2024.

2024 Projections and Forecasts: 

Forecasts for 2024 paint a familiar picture, with first-time buyers seeking refuge from escalating rents constituting a substantial buyer group. Predictions indicate a potential 2% decrease in UK house prices over the year. Should prices continue to fall, incomes rise and mortgage rates decrease, affordability for homebuyers could improve, stimulating sales.

With the number of homes for sale at a five-year high, sellers must price competitively to attract buyers in this market.

Mortgage Market Insights: 

Mortgage interest rates have gradually decreased since August 2023, attributed to declining inflation rates. Although a return to ultra-low rates isn’t imminent, further drops in inflation might lead to further interest rates reductions.

Despite stricter affordability criteria, UK lenders remain keen on lending and have embraced innovation in criteria and products. The launch of the 100% mortgage in 2023 hints at potential further innovation in 2024.

Conclusion: 

For prospective 2024 homeowners in Brackley, the combination of cooling house prices, lender innovation, and potentially decreasing rates offers promising opportunities. Seeking professional mortgage advice is crucial for navigating these shifts and making informed decisions.

Ready to explore your options? Connect with an expert advisor at Thomas Honour Mortgage Services for tailored guidance and insights.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Thomas Honour

Thomas Honour

Business Owner & Principal Mortgage Advisor

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