The Office for Budget Responsibility (OBR) has released its central forecast for the UK housing market, projecting a nuanced trajectory for house prices in the coming years.
According to the OBR, residential property prices are expected to increase marginally by 0.9% in 2023 but then face a significant downturn, decreasing by 4.7% in 2024.
This decline is anticipated to bring the price of the average UK home to a low of approximately £266,000 in Q4 2024.
The OBR’s forecast outlines an overall decrease in nominal house prices by 7.6% from their peak in the fourth quarter of 2022 to their lowest point in the final quarter of 2024.
This reduction is slightly less severe than the 2.4% fall previously anticipated in March 2023.
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