Will house price recovery kick start the economy?
Will house price recovery kick start the economy?
Taking Stock: Monday 15th January 2024
UK house prices creep up as experts predict 'smoother year' for buyers and sellers
Meanwhile, the real estate consultancy Knight Frank has said it now expects house prices to rise by 3% in 2024. As recently as October, the company had been expecting prices to fall by 4% this year.
Average house prices have jumped by about £4,500 this month - but experts are still predicting that 2024 will be a "smoother year" for buyers.
According to Rightmove, the typical asking price for a British property now stands at £359,748, which is 0.7% lower compared with a year ago.
The number of new houses coming onto the market for sale is also 15% higher than this time in 2023 - outpacing the 5% increase in demand from buyers.
Rightmove's director of property science, Tim Bannister, said: "More new sellers are now entering the market, and with more confident pricing.
In Britain, one third of households are renting. One third have a mortgage on their home. One third own their home outright.
Why is the housing market important to the economy?
The housing market is closely linked to consumer spending. When house prices go up, homeowners become better off and feel more confident. Some people will borrow more against the value of their home, either to spend on goods and services, renovate their house, supplement their pension, or pay off other debt.
Companies mentioned in today's, "Taking Stock"
07:30 Made Tech #MTEC
07:58 Bushveld Minerals #BMN
11:35 Polarean Imaging #POLX
12:08 Audioboom #BOOM
13:20 Union Jack Oil #UJO
14:05 Tirupati Graphite #TGR
14:28 &24:35 Base Resources #BSE
19:30 Ilika #IKA
21:20 MJ Gleeson #GLE
21:35 Taylor Wimpy #TW.
29:00 Capital Limited #CAPD
32:58 Ramsdens Holdings #RFX
35:55 Kefi Gold & Copper #KEFI
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