Britain’s housing market is past “peak pain”, but the rental crisis will remain entrenched for years.
Savills said the average UK house price would fall by 3% in 2024 to reach £246,950 after a 7% fall between the mini-Budget in September last year and the end of this year.
It added that prices would then bottom out and rise by a total of 17.9% between 2025 and 2028, taking the average to just over £300,000.
But landlords are still facing rising interest rates and tax bills, leading them to raise rents.
Savills believes that this year’s 9.5% rise in average rent will be followed by a 6% increase next year.
