According to a recent report from Capital Economics, they expect home prices to go up by about 5% in 2024. One reason for this is that there aren't enough houses for sale, which has been pushing prices higher because many people want to buy homes right now. Even though more houses are being put up for sale compared to last year, it's still not enough to meet the demand. Mortgage rates, which are the interest rates on home loans, are also quite high, making it harder for people to buy homes. The report suggests that until mortgage rates go down, and more houses become available, home prices are likely to keep going up. Experts say it might take a few years for things to improve, with more houses being built and mortgage rates getting lower, so that there's a better balance between the number of houses available and the number of people who want to buy them.

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