Evening Standard - Average house prices will fall next year says a new report – but property is more complex to predict than simple averages warn experts

Aaron Strutt Image

The Office for Budget Responsibility (OBR) has forecast that UK house prices will fall by 4.7 per cent in 2024.

An average British home will be worth £266,000 by the end of next year, the OBR predicted in its Economic and Fiscal Outlook report.

“There was always going to be a house price correction and it really is a buyers’ market now,” Aaron Strutt, product director at Islington-based mortgage advisors Trinity Financial.

“Flats and houses are included in the OBR calculations, but flats are likely to take the brunt of the reductions particularly with the shortage of family size houses,” Strutt told Homes & Property.

“Mortgage lenders have been very busy improving their rates recently and there are now five-year fixes available from 4.4 per cent,” he explained.

“This is a lot cheaper than it was a few months ago and show rates are heading in the right direction.

“If the average rate is 5 per cent over the next few years, then people are going to struggle, but it will mean best buy mortgage rates for new borrowers will be much cheaper as the lenders fight it out to issue more mortgages.”

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