Exciting Growth Forecast for House Prices in Britain by 2028

House prices in Britain are expected to skyrocket in the coming years, according to a forecast from real estate company Savills. The updated prediction shows that property values are set to rise by more than a fifth by the end of 2028, with the average house price increasing from £285,000 in 2023 to £346,500 in 2028.

This revision comes as the economic outlook continues to improve, with Savills now projecting a 2.5% increase in house prices for 2024, a significant turnaround from the 3.0% decline that was previously forecasted. The company also expects housing transactions to reach 1.05 million in 2024, up from their earlier prediction of 1.01 million.

Lucian Cook, head of residential research at Savills, attributes this positive outlook to a slight decrease in mortgage costs and improved buyer confidence. However, he warns that global uncertainties could lead to fluctuations in the cost of debt and house prices in the short term.

Savills’ predictions for house price growth over the next five years vary by region, with the North West expected to see the largest increase at 28.8%. Other regions, such as London and the South East, are predicted to experience more modest growth due to already stretched housing markets.

Overall, the forecast paints a promising picture for the real estate market in Britain, with the potential for continued growth and stability in the coming years. Homeowners and buyers alike will be keeping a close eye on these projections as they navigate the evolving landscape of the property market.