Savills Predicts Increase in UK House Prices Despite Prior Forecast of Decline
Monday, 6 May 2024, 23:01
Savills Reverses Forecast
Lower mortgage rates prompt property firm to change its outlook from 3% drop to a 2.5% increase.
Key Points:
- Shift in Prediction: Reversal from predicting a 3% drop to now forecasting a 2.5% rise in UK house prices.
- Reasons: Decline in mortgage rates influencing affordability and market conditions.
- Future Projection: Savills suggests an average property price increase of £61,500 over the next five years.
The property company Savills had forecasted a 3% decline in the average home price due to recent Bank of England base rate increases that impacted buyer affordability.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.