London’s property market is poised to suffer at least five years of stagnation, according to a forecast which claims that the likelihood of rising interest rates and chronic issues of affordability will hamper price growth.
The outlook for 2019 to 2023 by Savills, the property consultancy, says that the average house price will rise by 4.5% until 2023, initially dipping by 2% in 2019 before recovering slowly.
Lucian Cook, director of residential research, predicts that the north-south divide will be turned on its head, with the biggest five-year price rises in the North West (21.6%), the Midlands and Wales (all 19.3%) and Scotland (18.2%).
