Will there be a housing crash in 2024?

The housing market’s set to slow down later this year. There’ll be fewer sales and house price growth is easing.

The market’s proving more resilient than anyone expected, even in the face of economic headwinds.

It’s given us greater choice over where we live, highlighted our relationships with our homes, and altered our reasons for moving.

And the housing market’s in a very different position to the last time we saw house prices fall, after the global financial crisis of 2008.

House price growth has spread around the country.

It’s no longer London and the South East that are tracking the biggest house price gains.

Instead, we’ve got the South West, Wales and the Midlands seeing double-digit house price growth.

With higher demand in new areas, the value of housing has started evening up across the country.

House price growth has spread across the country.

More people want to move because of the pandemic.

Hybrid working is here to stay.

More people are retiring. Almost half a million older workers have left the labour market since the pandemic.

At the moment, the best placed buyers are well-off homeowners who spend less on energy and food and have benefitted from double-digit house price growth in the last two years, they have also worked from home and built-up their savings.

That is not to say that first time buyers are being pushed out of the equation. They are motivated to get on the ladder.

In conclusion, we believe that there is potential for sales to slow down or stagnate by the end of the year because of high prices demanded by sellers and a gloomier economic backdrop, we do not believe that there will be a crash.