Did you know that UK residents are more committed to moving homes this 2024? One survey revealed that 30% of respondents expressed their strong desire and commitment to move homes before the year ends. This is a 14% increase from 2023.

In the same survey, it is revealed that 31% felt that it has become more affordable to buy a home in the UK compared to previous years. Others are also confident their money is better off being invested in a property than elsewhere.

This buying confidence is proof that if you want to buy a home, now is the best time to do it.
In this article, you’ll discover the top 4 reasons why you need to act fast to secure your dream home before the end of the year. You’ll also learn about an incredible opportunity that can help you make your homeownership dream a reality – right before Christmas!

4 Reasons to Buy a Home in the UK Before 2024 Ends

Buying a home should not be taken lightly. It’s rewarding but it also requires a huge financial investment. You want to approach this investment strategically so you can make informed decisions about it.

This is the reason why UK residents have delayed their homeownership goals. The past few years have made it difficult to buy a new home.

But that is no longer true. In April 2024, house prices in London dropped by 4% compared to the previous year . Experts believe the property market is expected to become more affordable as various economic factors change as 2024 starts to close.

Let’s look at the different reasons why this is a good year to buy your dream home.

Favourable Mortgage Rates

According to CBRE, mortgage rates have gone past their peak and this is an indication that it’s going down in 2024. The LTV (Loan-to-Value) 2-year fixed mortgage went from 6.35% (August 2023) to 5.03% (January 2024).

Mortgage rates are expected to go down further as the Bank of England announced their decision to decrease interest rates from 5.25% to 5.00% in August 2024. Since the announcement, major banks and lenders like Halifax, Santander and NatWest have lowered their mortgage rates. More banks are expected to follow so housing prices should become more affordable moving forward.

Increasing Property Availability

The UK government reports 232,470 new houses lodged by the EPC (Energy Performance of Buildings Certificates) from March 2023 to March 2024. This indicates a more active housing market in 2024.

In the same report, it’s revealed that 236,000 homes were given planning permission – which means more housing supply can be expected in the coming months.

This availability gives homebuyers more options to secure their dream home.

Rising Rental Rates

Yet another reason to buy a home is the rising rental rates. The Office for National Statistics revealed that private rentals in the UK increased by an average of 8.6% from July 2023 to July 2024. In comparison, housing prices show an average increase of 2.7% during the same period.

Given these figures, it’s more economical to buy a home than to keep renting. Instead of paying rent, why not use your money to pay for your new home? With the mortgage rates going down, it’s a great time to invest in a new home.

Higher Buyer Motivation

Data from Zoopla reveals an increased activity in the housing market. This means more buyers and sellers are interacting compared to previous years. The second half of 2024 shows that buyers are more confident in the current housing market and are even willing to pay more to buy a home. This data is true across the different UK regions. In fact, sales agreed have gone up by 22% compared to pre-pandemic levels.

This shows a higher buyer motivation because of the positive housing market conditions. Zoopla reports that the main reason for the increasing number of homebuyers is the need to move to a bigger home. The elderly are also moving – but their reasons are different as they prefer to move into smaller dwelling places.

Is It Possible to Buy a House Before Christmas?

While the average timeline for buying a home is 6 months, that doesn’t mean you can’t move into your dream home faster than that. All you need is the right strategy, a reliable property expert and a complete list of requirements to move home quickly.

In truth, the most time-consuming part of the homebuying journey is the conveyancing process. But if you approach the right conveyancing company for help, you complete the process legally and safely in no time at all.

Muve is an award-winning conveyancing firm that operates on a national scale. Over the years, we’ve completed more than 10,000 transactions and we’ve enjoyed more than 5,000 5-star reviews for our ability to deliver a property exchange faster than the industry average.

As we approach the Christmas season, we understand the urgency of homebuyers to move quickly so they can celebrate the festivities in their dream home.
This is why we came up with a limited-time offer: FestiveFast! This innovative conveyancing service aims to help you enjoy your new home while celebrating Christmas and saying goodbye to 2024.

Through FestiveFast, you can enjoy a quick and seamless conveyancing process. You’ll work with an expert legal team and account manager to speed up the process of moving homes. Through our expertise and knowledge of the conveyancing process, we’ll help you minimise the risks of buying a property.

Muve’s FestiveFast can help you start afresh during the festive season. You can create new traditions, make new memories and welcome the New Year in your dream home.

Secure Your Dream Home Before Christmas Through FestiveFast

To ensure a seamless and quick conveyancing process, consider Muve’s FestiveFast service. Find out more about this limited-time offer.

Contact us for more details. Let us help you get your dream home in time for Christmas.