Greycoat Real Estate on Increasing House Sales in the UK

Buyer interest all over the world is increasing once again, which is a positive indicator of economic recovery in the United Kingdom’s housing market. According to Greycoat Real Estate, the first six weeks of 2024 recorded an increase of 16% in residential property sales.

This is 3% higher than the rate before the pre-pandemic era, Greycoat informs. The company attributes the green shoot to a robust labor market, increased wages exceeding inflation and reduced mortgage rates. Since the Bank of England is currently maintaining the interest rate at 5.25%, the consensus is that the UK is at the top of the rate rise cycle.

As a result, interest rates expectations have been increasing in the past few months as the economy of the nation keeps improving. Greycoat Real Estate predicts the interest rates will start going down.

This, in the second half of the year and reach 4.4% by the end of 2024, Greycoat specialists inform. As the interest reduces and inflation keeps on check, experts predict increased sales in the housing industry.

First-time property buyers placed many bids throughout 2023 because of the economic growth. Greycoat Real Estate expects more first-time buyers to invest in the market throughout 2024. Lenders are also more willing to help people buy houses by issuing loans, a move that is expected to increase investment in the housing industry.