House prices in Yorkshire are expected to be around £40,000 higher on average by 2028, as market demand and buying power recovers, 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 per cent increase from an average house price of £254,587 in 2023, according to Savills.
Lucian Cook, head of residential research at Savills, said: 'Interest rates are expected to have peaked and the worst of the house prices 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 minus 10%.
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