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Savills anticipate interest rates to drop in 2024

November 11, 2023 Residential Conveyancing

According to a recent Guardian news article, Savills have projected a 3% decrease in house prices in 2024 when looking at their five year plan.

Savills have anticipated that the Bank of England will start dropping interest rates in the second half of 2024, bringing its base rate down to 4.75% by the end of that year, compared to the current 5.25%. Additionally, Savills have forecasted a further decline to 1.75% in 2027.  

Reports suggest that Savills expect a reappearance in house growth, stating at 3.5% in 2025, increasing to 5% in 2026, 6.5% in 2027 and then slowing again to 5% in 2028.

This forecast follows Halifax’s announcement that UK house prices increased last month, after a run of six monthly fall as cautious sellers let to a shortage of homes in the market.

As of October, the average price of a property was £281,974, indicating a 1.1.% increase from September which was an increase of around £3,000. This contrasts with the same period last year when prices experienced a decline of 3.2%

Lucian Cook, Savills’ Head of Residential Research, stated: “Interest rates are expected to have peaked and the worst of the house prices falls look to be behind us, but the first cut to rates still looks to be some way off.”

In response to this article, Nick Hay, Partner at Jones Whyte has said: “With key players in the residential sector signalling a shift toward better market conditions, we are looking forward to increasing levels of activity from both buyers and sellers in 2024. In this challenging but improving market, our experts are on hand to guide our clients and ensure they get the best deal possible as they take their next step on their property journey.”

If you’re looking to secure your dream home, our personable and highly qualified team will take the time to understand what is important to you and provide bespoke advice. Jones Whyte aims to make the purchase of your first home a smooth and stress free experience. Contact the Jones Whyte property team today.

Check out the full Guardian article below:

UK housing market is past its ‘peak pain’, declares Savills | House prices | The Guardian

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