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UK House Price Surge Predicted by Savills

Savills forecasts a significant rise in UK house prices by 2029, with regional variations and caveats.

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English

United Kingdom

EconomyUkHousingMarketForecastPrediction

SavillsOxford EconomicsNationwide Building Society

Lucian CookEmily Williams

What data sources did Savills use for its predictions?: The prediction is based on mainstream second-hand house prices, utilizing data from Oxford Economics and Nationwide Building Society; new-build prices may vary.
What are the predicted regional variations in house price increases?: Regional predictions vary, with the North West expected to see the highest increase (29.4%), while London is projected to see the lowest (17.1%).
What are the predictions for first-time buyers and the impact of regulations?: While pent-up demand may cause a sharp rise in activity among second- and third-time buyers, first-time buyer numbers are expected to remain below pre-pandemic levels due to reduced government support and increased rental regulations.
What factors are contributing to Savills' prediction, and what are the potential risks?: Improved affordability and decreased mortgage costs are contributing factors to the projected growth; however, the market remains sensitive to interest rate fluctuations and tax changes.
What is Savills' prediction for the average British house price increase over the next five years?: Savills predicts a 23.4% increase in the average British house price over the next five years, reaching £442,000 by 2029.

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