First-time buyers should wait until 2024 to enter the market to take advantage of lower prices, according to property technology firm iPlace Global.

The company cites forecasts by the Centre for Economics and Business Research that predict house prices across the UK will fall by 8-10% over the course of next year and mortgage rates could level out by 2024.

According to iPlace Global, the situation for those looking to get on the property ladder is “dire” at present. The company pointed to the average price of a property coming to market reaching £371,158, along with average fixed-rate mortgage levels of 6.46% for two years and 6.32% for five years.

With first-time buyer demand 21% lower in the last two weeks compared with 2021, iPlace Global research also found that 26% of landlords are looking to sell their buy-to-let property due to soaring costs. This sell-off is set to make rental prices even more expensive, said the company. According to iPlace Global, 55% of landlords in the capital who signed a new contract with tenants so far this year did so at a higher price, up from 30% in 2021.

Simon Bath, CEO of iPlace Global, has suggested that all prospective buyers who are currently renting should “calculate how much they are due to spend on rent in the interim, and judge how long they can realistically afford to save in anticipation of prices declining”.

Bath said: “Landlords, homeowners and renters alike are struggling to keep up with the current volatility of the market. However, it’s clear that those stuck in generation rent and aspiring first-time buyers are the most affected by the current housing market conditions, especially as property and mortgage prices continue to soar and market uncertainty lingers.

“The general uncertainty around the state of the UK economy, particularly after Liz Truss’ resignation, is significantly affecting the housing market. Homeowners and landlords have had to make big, reactive decisions within extremely short periods of time and now the future of the market hinges on her successor,” Bath added.