Savills says UK house prices will rise this year in U-turn on earlier forecast
Lower mortgage rates prompt property firm to change its outlook from 3% drop to a 2.5% increaseA decline in mortgage rates has prompted a forecaster to reverse its predictions of a fall in UK house prices in 2024, instead suggesting the average cost of a property could rise by £61,500 over the next five years.The property company Savills had forecast in November that it expected the average price of a home to fall by 3% this year because recent rises in the Bank of England base rate had heightened the affordability pressures on would-be buyers. Continue reading...
Lower mortgage rates prompt property firm to change its outlook from 3% drop to a 2.5% increase
A decline in mortgage rates has prompted a forecaster to reverse its predictions of a fall in UK house prices in 2024, instead suggesting the average cost of a property could rise by £61,500 over the next five years.
The property company Savills had forecast in November that it expected the average price of a home to fall by 3% this year because recent rises in the Bank of England base rate had heightened the affordability pressures on would-be buyers. Continue reading...
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