Price drop would be good news for first-time buyers
The average prices of homes in the UK could drop by an average of £50K in 2024, research by Confused.com, suggests.
The current housing market prices
Mortgage experts from the financial services comparison platform examined the latest housing market data and found that the average house price in the UK for the fourth quarter was currently at £246,575. In the previous quarter, it was slated at £265,706.
With the downward trend, the experts estimated that the average house price would continue to fall further to an average of £201,495 before falling to an estimated average of £195,652 by the last quarter of 2024.
With initial deposits for homes considered a tough challenge when it comes to owning a property, the average deposit (10%) needed to purchase a home in the current quarter totalled £24,658. This was a slight decrease from the previous quarter’s £26,571.
This average house deposit was also estimated to fall over £4K by the third quarter of next year. By the end of 2024, this was expected to further drop to £19,565.
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