House prices will rise by only 3% this year and will carry on growing at that pace until 2025, hampered by Brexit uncertainty, stretched budgets and a rise in housebuilding, according to PWC.
The giant accounting group said that house price growth was set to slow in 2018 compared with a rise of 4.5% in the previous 12 months. The market held up better than expected in 2017, but activity has slowed since the turn of the year.
The Royal Institution of Chartered Surveyors said that its members had been reporting a steady fall in agreed sales and interest from new buyers. At the same time, Nationwide, the mortgage lender, revealed that house prices were rising at the slowest pace in more than five years in June.
