House prices could fall by 9% by 2024

While Rightmove data shows that house prices in some regions have risen by up to 20% since 2019, the latest predictions from the Office of Budget Responsibility (OBR) forecast a 9% drop by the third quarter of 2024. The OBR says the prices will fall £26,550 by summer 2024, with the decline driven by “significantly higher mortgage rates as well as the wider economic downturn.” Elsewhere, Zoopla expects price growth to dip into negative territory as the market adjusts to weaker buying power and concerns over the economic outlook. Capital Economics and Oxford Economics expect prices to fall by 12% in 2023, while Lloyds, Pantheon Macroeconomics and the Centre for Economics and Business Research have each forecast an 8% fall. Nationwide expects a 5% drop but, in a worst-case scenario, it said values could plunge by 30%. 

Daily Mail (28/12/2022)   The Daily Telegraph (28/12/2022)