The statement from the independent Budget Accountability Agency (OBR), which prepares the country’s official economic forecasts, says that house prices in the UK are expected to fall over the next 2 years and then rise again.
In the statement, it was noted that house prices in the country are expected to decline by zihin average of 9% over the next 2 years.
In the statement, it was said that house prices are expected to decline over the next 2 years due to the high cost of living in the country, the growing economic slowdown and the expectation that unemployment will rise accordingly.
The statement said the UK economy is expected to recover in 2025 and house prices in the country are expected to rise by 1.2% in 2025, 3% in 2026 and 3.5% in 2027.
HOUSE RENTALS INCREASE IN SEPTEMBER
British Prime Minister Jeremy Hunt has announced that social housing rents are expected to increase by 7% over the period 2023-2024 in the country.
According to the British Office of National Statistics (ONS), house rents in the country have increased by 3.8% year on year since September 2022.
On the other hand, the online property rental and sales platform Rightmove also said that rents in the country increased by 16.1% compared to this period last year.
UK inflation continued to rise, driven mainly by energy and food prices, reaching a 41-year high of 11.1% year-on-year in October.