The decline in UK property prices could continue into 2025 and will be the longest decline in the West. In this respect writer The Sunday Telegraph cites forecasts by consulting firm Oxford Economics.
The fall in the cost of housing in the UK could be the longest in the West amid a sharp rise in mortgage costs due to rising bank interest rates. According to experts, prices will continue to decline until 2025, with the size of the decline at 11% compared to last year’s peaks.
The publication added that real estate prices in the USA, France, Germany and Italy will begin to rise this year, and this period will last until at least the end of 2024.
At the end of October 2022, The Guardian, citing data from the largest British developer Barratt, WroteUK property demand has reportedly fallen to its lowest level since May 2020, when the market was hit by the coronavirus pandemic. Between July and September 2022, weekly home sales in the UK fell by a third compared to the same period last year.
Earlier, TASS referred to a report by Halifax Mortgage Credit Bank’s press service. knowledgeableIt was stated that the annual rate of increase in property prices in the UK reached 13% in June compared to the same period in 2021, the highest level since the end of 2004.