One key change in the latest Savills report is a revision of the national growth forecast for 2025, falling from 4% to a more modest 1%.
The change reflects ongoing economic and geopolitical uncertainty, persistent inflationary pressures, and subdued wage growth.
Yet, despite these challenges, Savills has upgraded its five-year national house price prediction to 24.5% by 2029 from a previous 23.4% prediction, a testament to the market’s long-term strength.
With the Bank of England having recently lowered interest rates, and with further cuts anticipated before the end of the year, the future of the property market looks positive.
Amid these national adjustments, the North West has kept its long-standing position as the clear front-runner for regional capital growth.
Savills’ latest updates reveal that North West property prices are expected to see an increase of 31.2% by 2029, which is 6.1% higher than the previous prediction.
The Savills report identifies the region’s buy-to-let sector as the top performer, forecast to deliver 2.5% average growth over the rest of the year, second to Wales with a rate of 3%.
