House prices are set to fall by more than 4%, according to to survey of economists and experts.
Two-thirds of economists surveyed by The Times expected house prices to fall by more than 4%, with most warning of near-double-digit declines. This would make 2023 the worst year for the housing market since 2009.
Sanjay Raja, chief economist at Deutsche Bank, said: “A double-digit price fall would not be surprising,” especially if mortgage rates remain above 5%.
Andrew Goodwin, chief UK economist at Oxford Economics, said house prices were 30% overvalued based on affordability metrics.
