The research, released by property adviser Savills, predicts average property value will increase to £300,108 in 2028.
There could be some good news ahead for homeowners with house prices expected to be around £45,000 higher on average by 2028, according to a forecast. Property adviser Savills, which released the research, said the market looks set to 'bottom out' around the middle of next year. Across Britain, the average property value will increase to £300,108 in 2028, marking a £45,521 or 17.9% increase from an average house price of £254,587 in 2023, according to Savills.
'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 minus 10%. 'The expectation of a gradual reduction in rates suggests a progressive restoration of buying power and steady recovery in demand.' Transactions are expected to remain at around 1.01 million in 2024, rising to 1.
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