Transactions are expected to remain at around 1mn in 2024, rising to 1.16mn at the end of the forecast period, as mortgaged buyers gradually return to the market; slightly below a pre-pandemic norm of 1.2mn.
It was also reported that the UK housing market remains in the late stages of a typical housing market cycle.
According to the research, this suggests slightly greater house price falls in London and the south east in 2024 and the strongest overall price growth in Wales and the north east over the next five years.
However, having regard to evidence from previous cycles, regional price growth is expected to reach an inflection point in 2028.
From this point on, Savills stated it expects that London will once again lead price growth across the UK, driven by greater underlying population pressure, and a stronger economic outlook.
tom.dunstan@ft.com
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