On analysis of the market, Strutt & Parker maintains its previous house price forecasts of between 0 and 5% growth for the UK and with the same growth for Prime Central London for 2024.

The property consultancy anticipates that the housing market will see a boost in transactions and values in the second half of 2024.
The time to sell a home has been increasing since early 2022, when interest rates started to rise, a sign that demand was slowing. 

Since January, when this metric peaked, the ‘days to sell’ have started to reduce. This is an indication that demand is picking up pre-the base rate cuts and is a positive sign for the rest of the year. Even over the last year UK house prices grew 1.1% to Q1 2024, the first time we have had positive annual growth since Q4 2022. The resilience of house prices, and the positive indicators for demand are the main reasons our forecasts for 2024 are retained at 0% to 5%. 

To read Strutt & Parker's Spring 2024 Residential Report, click here or contact Matthew Henderson, Residential Research for more information.