Past ‘peak pain’ for house prices, says Savills

Britain’s housing market is past “peak pain”, but the rental crisis will remain entrenched for years. Savills said the average UK house price would fall by 3% in 2024 to reach £246,950 after a 7% fall between the mini-Budget in September last year and the end of this year. It added that prices would then bottom out and rise by a total of 17.9% between 2025 and 2028, taking the average to just over £300,000. But landlords are still facing rising interest rates and tax bills, leading them to raise rents. Savills believes that this year’s 9.5% rise in average rent will be followed by a 6% increase next year. The Times (£)The Guardian