{"id":21603,"date":"2024-06-05T14:41:26","date_gmt":"2024-06-05T13:41:26","guid":{"rendered":"https:\/\/www.rentokil.co.uk\/blog\/?p=21603"},"modified":"2025-09-03T11:23:48","modified_gmt":"2025-09-03T10:23:48","slug":"uk-house-prices-to-rise-in-2024","status":"publish","type":"post","link":"https:\/\/www.rentokil.co.uk\/blog\/uk-house-prices-to-rise-in-2024\/","title":{"rendered":"U-turn in Forecasts, as UK House Prices Now Expected to Rise in 2024"},"content":{"rendered":"\n<p>In a turn of events, UK house prices are now expected to rise in 2024. The latest five year forecast from Savills is now predicting a 2.5% average increase in UK house prices this calendar year. This is a stark contrast from the previous forecasts in November 2023, where average UK property price was predicted to decrease by 3%. By 2028, UK properties are predicted to increase by 21.6% in comparison to current prices.<\/p>\n\n\n\n<p>The number of UK properties sold has also been revised in the latest five year forecast. It is now predicted that 1.02 million homes will change hands, where this figure was previously predicted to be 1.01 million in November\u2019s forecast.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Reasons for Positive Outlook<\/h2>\n\n\n\n<p>UK house prices have been previously impacted due to lack of affordability. The cost of living crisis in combination with rising mortgage rates made it considerably more difficult for buyers. Although the base rate remains at 5.25%, competition among mortgage lenders has led to the cost of borrowing to decrease, prompting more activity in the market. Now that the number of transactions has increased, the expectation is that this will contribute to an increase in house prices. It\u2019s important to note that this is an average of house prices UK wide, and performances in individual locations around the UK may differ.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.rentokil.co.uk\/blog\/wp-content\/uploads\/2024\/06\/GettyImages-1830519064.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"788\" height=\"443\" src=\"https:\/\/www.rentokil.co.uk\/blog\/wp-content\/uploads\/2024\/06\/GettyImages-1830519064.jpg\" alt=\"house prices increase in 2024\" class=\"wp-image-21608\" srcset=\"https:\/\/www.rentokil.co.uk\/blog\/wp-content\/uploads\/2024\/06\/GettyImages-1830519064.jpg 788w, https:\/\/www.rentokil.co.uk\/blog\/wp-content\/uploads\/2024\/06\/GettyImages-1830519064-300x169.jpg 300w, https:\/\/www.rentokil.co.uk\/blog\/wp-content\/uploads\/2024\/06\/GettyImages-1830519064-768x432.jpg 768w\" sizes=\"auto, (max-width: 788px) 100vw, 788px\" \/><\/a><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Comments from Savills Head of Residential Research<\/h2>\n\n\n\n<p>Lucian Cook, head of residential research at Savills said the following based on the recent forecast:<\/p>\n\n\n\n<p><em>\u201cThe outlook for 2024 has improved since our last (November 2023) forecasts as mortgage costs have nudged down slightly and are much less volatile.<\/em><\/p>\n\n\n\n<p><em>\u201cThe outlook for economic growth has also slightly improved, pointing to relatively modest house price growth this year, with greater potential over the following few years.<\/em><\/p>\n\n\n\n<p><em>\u201cIn November, a 75% LTV mortgage from Nationwide on a 2-year fix cost 5.34%, and mortgage approvals were down below 50,000 per month. The higher cost of debt dampened demand and put downward pressure on prices.<\/em><\/p>\n\n\n\n<p><em>\u201cHowever, the highly competitive nature of the mortgage market has meant that lenders have fairly aggressively priced in the prospect of cuts in bank base rate, causing buyer confidence, and prices, to recover somewhat.\u201d<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Selling Your Property in 2024?<\/h2>\n\n\n\n<p>Are you considering selling your property following the news that housing prices are set to increase? If so, it is important that you ensure your property is in the best condition possible in order to maximise potential offers.<\/p>\n\n\n\n<p>Some common property issues include issues such as structural defects, <a href=\"https:\/\/www.rentokil.co.uk\/damp-proofing\/\"><strong>damp<\/strong> <\/a>or rot issues, broken appliances and decorative issues.<\/p>\n\n\n\n<p>If your property requires remedial damp proofing, or treatments for wood rot or <a href=\"https:\/\/www.rentokil.co.uk\/woodworm\/\"><strong>woodworm<\/strong><\/a>, visit the <a href=\"https:\/\/www.rentokil.co.uk\/property-care\/\"><strong>Rentokil Property Care<\/strong><\/a> website for more information on <a href=\"https:\/\/www.rentokil.co.uk\/damp-proofing\/damp-survey\/\"><strong>professional damp surveys<\/strong><\/a> and solutions.<\/p>\n\n\n\n<p><em><strong>References<\/strong><\/em><\/p>\n\n\n\n<p><a href=\"https:\/\/www.theguardian.com\/money\/article\/2024\/may\/07\/savills-uk-house-prices-rise-this-year-u-turn-forecast#:~:text=However%2C%20although%20the%20base%20rate,in%202024%20to%20%C2%A3292%2C000.\">https:\/\/www.theguardian.com\/money\/article\/2024\/may\/07\/savills-uk-house-prices-rise-this-year-u-turn-forecast#:~:text=However%2C%20although%20the%20base%20rate,in%202024%20to%20%C2%A3292%2C000.<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.buyassociationgroup.com\/en-gb\/news\/invest-in-property-predict\/\">https:\/\/www.buyassociationgroup.com\/en-gb\/news\/invest-in-property-predict\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a turn of events, UK house prices are now expected to rise in 2024. The latest five year forecast from Savills is now predicting a 2.5% average increase in UK house prices this calendar year. This is a stark contrast from the previous forecasts in November 2023, where average UK property price was predicted [&hellip;]<\/p>\n","protected":false},"author":87,"featured_media":21609,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_s2mail":"yes","footnotes":""},"categories":[2009],"tags":[],"class_list":["post-21603","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-care"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>UK House Prices: Predictions for 2024 | Rentokil Property<\/title>\n<meta name=\"description\" content=\"Planning to buy or sell? Understand the predictions for UK house price rises in 2024 and gain valuable insights into the property market.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rentokil.co.uk\/blog\/uk-house-prices-to-rise-in-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UK House Prices: Predictions for 2024 | Rentokil Property\" \/>\n<meta property=\"og:description\" content=\"Planning to buy or sell? Understand the predictions for UK house price rises in 2024 and gain valuable insights into the property market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rentokil.co.uk\/blog\/uk-house-prices-to-rise-in-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"deBugged\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/rentokilpestcontroluk\/\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-05T13:41:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-09-03T10:23:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.rentokil.co.uk\/blog\/wp-content\/uploads\/2024\/06\/GettyImages-2102150888.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"724\" \/>\n\t<meta property=\"og:image:height\" content=\"483\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jake Ryan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@RentokilUK\" \/>\n<meta name=\"twitter:site\" content=\"@RentokilUK\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jake Ryan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.rentokil.co.uk\/blog\/uk-house-prices-to-rise-in-2024\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.rentokil.co.uk\/blog\/uk-house-prices-to-rise-in-2024\/\"},\"author\":{\"name\":\"Jake Ryan\",\"@id\":\"https:\/\/www.rentokil.co.uk\/blog\/#\/schema\/person\/dafa6cccbb39c58002b2ba210bc7e916\"},\"headline\":\"U-turn in Forecasts, as UK House Prices Now Expected to Rise in 2024\",\"datePublished\":\"2024-06-05T13:41:26+00:00\",\"dateModified\":\"2025-09-03T10:23:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.rentokil.co.uk\/blog\/uk-house-prices-to-rise-in-2024\/\"},\"wordCount\":480,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.rentokil.co.uk\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.rentokil.co.uk\/blog\/uk-house-prices-to-rise-in-2024\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.rentokil.co.uk\/blog\/wp-content\/uploads\/2024\/06\/GettyImages-2102150888.jpg\",\"articleSection\":[\"Property Care\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.rentokil.co.uk\/blog\/uk-house-prices-to-rise-in-2024\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.rentokil.co.uk\/blog\/uk-house-prices-to-rise-in-2024\/\",\"url\":\"https:\/\/www.rentokil.co.uk\/blog\/uk-house-prices-to-rise-in-2024\/\",\"name\":\"UK House Prices: Predictions for 2024 | Rentokil Property\",\"isPartOf\":{\"@id\":\"https:\/\/www.rentokil.co.uk\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.rentokil.co.uk\/blog\/uk-house-prices-to-rise-in-2024\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.rentokil.co.uk\/blog\/uk-house-prices-to-rise-in-2024\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.rentokil.co.uk\/blog\/wp-content\/uploads\/2024\/06\/GettyImages-2102150888.jpg\",\"datePublished\":\"2024-06-05T13:41:26+00:00\",\"dateModified\":\"2025-09-03T10:23:48+00:00\",\"description\":\"Planning to buy or sell? 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