UK Housing Market Trends: Why Waiting to Buy Could Cost You More

The UK property market in 2024 has been marked by rising house prices, elevated rent costs, and a competitive mortgage landscape.

According to the Halifax House Price Index, house prices in the UK rose by 4.7% year-on-year as of September 2024. Meanwhile, rents in the private sector have increased by 8.4% across the UK, with an even sharper 9.6% increase in London.

For first-time buyers, these escalating costs mean that waiting to buy a property could become a financially challenging decision.

This video breaks down the trends impacting first-time buyers in the current housing market, analysing why purchasing sooner rather than later might be the best option despite high mortgage rates.