22/11/2023
🏠 The UK Housing Market: Nearing a Turnaround?
After a turbulent period, the UK housing market shows signs
of recovery. Savills reports that mainstream house prices
are expected to bottom out in 2024, with a projected -3% drop. However, the forecast for 2024-2028 shows a promising 17.9% growth, equating to an average £45,521 increase per home.
Prime house prices in Central London might even avoid declines next year!
📉 The past year saw resilience in cash buyers, but overall transactions are predicted to be 20% lower than in 2022. With the Bank of England likely to reduce rates in late 2024, this could fuel growth, particularly from 2027 onwards.
💼 Lucian Cook from Savills suggests that while the worst of the price falls may be over, the market awaits the first rate cut. This scenario sets the stage for a gradual recovery, especially in less debt-dependent prime
regional markets.
🔍 Read the full article here:
savills.co.uk/insight-and-opinion/savills-news/353744-0/uk-s-housing-market-is-past--peak-pain- #:~:text=House%20price%20falls%20past%20'peak,forecasts%20from%20property%20adviser%2C%20Savills
📊 Poll: What's Your Outlook?
Share your thoughts in the comments!
For more market updates attend PPN Holborn on the 28th November, from 6:30pm at:
📍Crypt on the Green, Clerkenwell Close, London EC1R 0EA
Tickets available from the link below:
https://sa147.infusionsoft.app/app/orderForms/PPN-Holborn-Single-Ticket-2023
Savills UK | News
