House prices will fall by around 10% in the next two years, Knight Frank has said.
It is the first big consultancy to downgrade its forecasts.
Tom Bill, head of residential research at Knight Frank, revised down the forecast he made in June which predicted 1% growth next year and 3% in 2024. He now believes house prices across the UK will fall by an average of 5% in each of the next two years.
Prices in Greater London, where affordability is more stretched than elsewhere, are expected to drop more suddenly, with a 6% fall next year followed by a 4% drop in 2024.
