Purchasing a home in 2024

House Prices

UK house prices rose 2.5% in the year to January, recording the biggest increase since January 2023. January 2024 marked the fourth consecutive monthly rise, with a 1.3% uplift on December. 

More people have also been moving house with buyer inquiries falling by only 3% in December, which was a strong improvement on the 13% drop recorded in November. This could be down to the reduction in mortgage rates and fading inflationary pressures. 

Furthermore UK house prices are on track to rise 3% in 2024! 

MORTGAGE INTEREST RATES 

According to HomeOwners Alliance, whilst mortgage rates on fixed deals may be falling, even the best rates are far higher than we’ve been used to in recent years. 

The Bank of England’s latest Monetary Policy report states that rates are expected to remain around 5.25% until Autumn 2024 and then decline gradually to 4.25% by the end of 2026. 

Still planning a move this year? The costs you should be considering: 

It’s not just your monthly mortgage costs to consider, there’ll be mortgage fees; major upfront costs such as a deposit and stamp duty; ongoing costs such as rates and insurance; and of course, the cost of moving itself. Property news outlines the additional costs involved in buying a house in Northern Ireland.  

How much deposit do I need for a house? 

A deposit is likely to be one of the largest upfront costs in buying a house. It is at least 5% of the total house price but the recommended is about 20%. The most common is a deposit of 10%. This means for example using the average house price of £174,000 you would pay a deposit of £17,400.

In 2023 the average deposit for a first-time house buyer was £31,200! 

Here, highlights how much deposit is needed for a mortgage, based on property values and percentage deposits required. 

Get saving now!  

Start planning your big move in advance now and save what you can with your Harp and Crown Credit Union account.

Home Improvement now - sell/buy later

You might decide to stay put for now and invest in some home improvement, getting ready for the big sale later.  We offer our members very competitive lower interest loans and a key benefit of being a Harp and Crown Credit Union member is the opportunity to borrow 5 x times your savings balance. Ts and Cs apply.  

Talk to us today to find the best solution for you.  

Email creditunion@harpandcrown.co.uk or phone 028 9068 5198.

Or call into our office at Newforge (no appointment necessary).  

“Save regularly and borrow only what you need”.

The Harp and Crown Credit Union provides safe, secure, flexible finances for the wider police family in Northern Ireland.