Global property house Savills has revised its predictions, anticipating a significant surge in house prices over the next five years. Previously forecasting a 17.9% increase by the end of 2028, Savills now projects a more substantial 21.6% rise on average, equivalent to an average increase of £61,500 per home across Britain.
Of notable mention is the North West region, which is poised for remarkable growth, with Savills forecasting a staggering 28.8% increase in house prices over the next five years. This region's robust growth outlook underscores its appeal as a burgeoning property market.
This upward revision comes as Savills adjusts its annual forecast for 2024, now projecting a 2.5% increase in house prices. This adjustment marks a significant shift from their previous expectation of a 3% decline, with the revision attributed to a downturn in mortgage costs.
Savills' revised predictions reflect not only changing market dynamics but also the enduring strength of the property market. As mortgage rates decrease, buyers are empowered, leading to increased demand and subsequently driving prices upwards. This upward trajectory underscores the resilience of the housing market and signals promising opportunities for homeowners and investors alike in the coming years.
