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23 Nov, 2023

House Prices Set to Soar by £45,000

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    Savills Predict UK House Prices to Rise Significantly by 2028

    Good news for property investors: house prices are set to rise by £45,000 on average in the UK by 2028, according to Savills.

    Savills also said the market looks set to bottom out by mid-2024, which correlates with recent falls in inflation and more stable interest rates. As mortgage rates drop, activity should return to the market, pushing up prices over the next few years.

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    How Much Will UK House Prices Go Up?

    The average property price in the UK will rise to £300,108 by 2028. This figure represents a 17.9% increase from the current average house price of £254,587.

    Interestingly, the average house price is expected to fall by 0.3% in 2024. However, given no surprising economic shifts, prices will increase in 2025, 2026, 2027 and 2028, with affordability issues becoming less significant.

    Savills’ Head of Residential Research, Lucian Cook, had the following to say about the house price expectations:

    ‘Interest rates are expected to have peaked, and the worst of the house price falls look to be behind us, but the first cut to rates still looks to be some way off.

    ‘This means continued affordability pressures are likely to result in further modest house price falls over the first half of 2024, resulting in a peak-to-trough house price adjustment in the order of minus 10%.

    ‘The expectation of a gradual reduction in rates suggests a progressive restoration of buying power and steady recovery in demand.’

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    Is the UK Property Market Recovering?

    While property price growth is very slow, there have been some signs of life over the last month. For instance, the Nationwide and Halifax house price indices showed that house prices increased in October.

    The main reason for the property price increase was a constrained supply of houses to buy.

    While prices are lower than a year ago, an uptick in property price growth over the last month may tempt some UK property investors back into the market before prices grow significantly in the coming years.

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      How Many Property Sales Will There Be in 2024?

      Using Nationwide and Oxford Economics data, the Savills property price forecast expects around 1.01 million house sales in 2024, which will rise to 1.16 million per year until 2028 as mortgages become more affordable, bringing more investors into the buy-to-let market.

      With the market bottoming out next year, this could be an opportune time for investors to take advantage of low property prices.

      With gross rental yields soaring due to unprecedented demand among tenants, the best UK investments may see significant capital appreciation over the next few years if Savills’ expectations come to fruition.

      If you are interested in property investment, keep an eye on good-value areas. For instance, Savills predicts that property in the North West will increase in value to £241,944, significantly cheaper than the national average, despite rental yields being some of the best in the country.

      Earlier this month, Savills forecast a 20.2% capital growth in the North West, outstripping the national average growth rate. As such, those North West buy-to-let investors may see a more substantial ROI.

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      Dale Barham

      Dale is a property content writer at RWinvest. Keeping a close eye on the UK property market, Dale helps our readers stay informed and up to date on the latest market news and statistics.

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