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Savills: Housing market is past “pain peak”
After what has been a “rollercoaster” 12 months, the UK housing market is past its “peak pain” point, according to Savills.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
According to its latest five-year house price forecasts, the property adviser also expects the market to bottom out in the middle of 2024 – with the average UK house price projected to fall by only three percent in the year as affordability pressures slowly ease.
Of the markets, it expects the less debt-dependent prime markets will be the first to recover – seeing falls of just 1.5% in 2024.
Reflecting on this, Savills’ head of residential research Lucian Cook said: “Interest rates are expected to have peaked and the worst of the house price falls look to be behind us, but the first cut to rates still looks to be some way off.
“This means continued affordability pressures are likely to result in further modest house price falls over the first half of 2024, resulting in a peak to trough house price adjustment in the order of -10%.”
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