Offices finally turn a corner, UK house prices dip, 700,000 households face "mortgage pains"
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UK house prices dipped in December, says Halifax
UK house prices recorded a small drop of 0.2% between November and December 2024, marking the first decline since March of the same year.
Even with this slight fall, annual prices remained 3.3% higher than they were a year ago.
This decrease contrasts with findings from other reports, underlining inconsistencies in market analysis.
The outlook for commercial property in 2025
The office and industrial sectors turned a corner in 2024, with year-on-year investment volumes increasing 20%.
However, this remains below the 10-year average - which Savills blames on limited access to finance in the first six months of the year, cautious buyers, and vendors shying away from a "sluggish" market.
UK debt market sell-off threatens mortgage pain for households
Roughly 700,000 households across the UK are set to face higher mortgage payments when their fixed-rate deals conclude in 2025.
This is a result of recent turbulence in the UK’s financial markets, which are expected to keep borrowing costs elevated for an extended period.
Our predictions for the UK housing market in 2025
Property prices are predicted to rise by 4% in 2025, though the level of growth will vary by region.
The northwest is expected to lead with the most significant increases, while London is anticipated to lag behind with the weakest growth.
What’s happening with UK house prices? Latest property market moves explained
The Bank of England’s recent decision to lower interest rates has brought relief to the housing market, leading to a reduction in mortgage rates by lenders.
This is welcome news for those looking to remortgage, buy their first home, or progress up the property ladder.
Curated by BloomSmith