British home prices will fall less than previously expected in 2023 as a resilient job market and easing recession fears soften the blow from higher borrowing costs, analysts polled by Reuters said
soared by more than a quarter during the COVID-19 pandemic, boosted by ultra-low interest rates, tax incentives and demand for more living space during lockdown, but the boom now gone into reverse.showed earlier this month, and when asked in the Reuters poll how much values would fall from peak to trough, the median was 8.0%. Forecasts ranged from 0.0% to 17.5%.
"Why? Because the number one variable for showing the direction of the housing market is employment - and that remains very, very good indeed." For those not yet able to buy a home, average rental prices will go up 5.0% this year and next and 3.3% in 2025, the poll found. Ten of 11 respondents said rents would become less affordable over the coming two years and only one held the opposite view.
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