UK Property Market Shows Signs of Recovery with Increased Demand from Second-Steppers

Experts suggest that now could be a good time to buy property in the UK as the Bank of England is likely done hiking interest rates and mortgage rates are expected to see small downward movements. Higher mortgage rates have led to a decline in house prices, making it a favorable time for buyers to negotiate on price. However, transactions have fallen by 23% this year, indicating a slowdown in the property market. The rental market is expected to remain tight, with rents continuing to rise due to factors such as high mortgage rates and affordability pressures.