Greycoat Real Estate’s 2024 Forecast: A Tale of Recovery and Rising Demand

According to Greycoat specialists, 2024 has started positively for home sellers in the UK as the housing market shows positive signs of recovery. This has been buoyed by falling mortgage rates in January and a backlog of high demand from 2023.

Research by Greycoat Real Estate Agency shows this momentum has continued, a sign the industry is recovering. This year, housing demand is 11% higher compared to the same time last year. Though the demand is up everywhere, London is leading the pack with North West and North East regions following closely.

This comes as a surprise, considering the housing market in London has lagged for more than five years. Despite this, London remains the most expensive housing market in the UK. Greycoat Real Estate notes this recovery has brought some confidence, increasing the number of sellers.

Compared with last year, new homes listed for sale this year are 10% higher, Greycoat adds. North East and South West are some of the regions that have registered the highest home listings.

Study shows in 2023, it took 34 days to sell, compared to 20 days in 2022. Among the regions, London had the longest sales period in 2023, while South East had the fastest. Greycoat Real Estate expects the booming market to continue for several months as the market looks better balanced.