Average asking price for UK home will fall by 1% in 2024, says Rightmove

Competition among sellers will increase as mortgage rates settle at ‘elevated’ level, website predicts

Average house prices in the UK will fall by 1% next year as competition increases among sellers, Britain’s biggest property website has forecast.

Sellers were likely to have to price more competitively to secure a buyer in 2024, while mortgage rates would settle down though “remain elevated”, said Rightmove.