The 11 UK regions where house prices will rise in 2024 - is your area on the list?
Halifax could see property price rises next year
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Britons have been faced with a turbulent property market in recent months.
House prices could be set to rise in 2024 however, according to an expert.
Speaking for the National Association of Property Buyers, Jonathan Rolande explained a shortage of homes could be behind this.
He said: "It has been estimated that, overall, all regions will experience house price falls next year, ranging between -1.5 per cent and -4 per cent.
The expert said house prices could increase in Liverpool
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“But with each passing week I think these predictions are looking wider and wider off the mark.
“In fact I believe many towns and cities outside of London can expect to see price rises every month throughout 2024."
Houses in Halifax in West Yorkshire and Motherwell in North Lanarkshire could see house price increases.
Those who own homes in the south east, such as Kent or Essex, will find it more difficult to make money on their homes.
Jonathan said: "These are the areas which have enjoyed a golden period of price rises. That couldn’t last forever and we are now seeing prices begin to flatten and fall."
Regions where house prices could rise in 2024
Halifax
Motherwell
Margate
Ramsgate
Bolton
Liverpool
Reading
Derby
York
Rotherhithe, London
Aberdeen
Jonathan added: "These are all areas where property prices are rising and I don’t see any evidence of that changing in 2024 given the way the market is going.
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London is unlikely to see big increases, the expert claimed
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“Two things are driving price rises in these areas. One is a shortage of available property and the second is the fact there is no clear roadmap to housebuilding to address that supply shortage.
“Buyers in these spots are therefore willing to pay a little bit more as they are desperate to get their foot on the ladder.
“The Government’s plans for house building in 2024 are really low key in terms of what is needed. And this will have a knock on impact in helping prices to rise in these areas.”
Speaking of areas less likely to see increases, Jonathan said: “If you own a property in London, Essex or Kent you are still in a brilliant position as it is likely to be worth a lot more than you paid for it.
"But the days of being able to make huge profits on properties in these areas are gone. They may return of course, but they are unlikely to in 2024.”