Predictions are mixed regarding the direction of house prices. When asked about the general direction of house prices, “We’re seeing a complex environment” Chris says. “It’s a reminder that the market is not immune to corrections. As property professionals, we all must be prepared for that.”
Looking at the broader picture over the next five years, some forecasters, such as Savills, predict an average house price growth of 17.9% across the UK by 2028.
What to expect in the near term
Some anticipate a price fall by 3% in 2024, which would represent a significant decline and bring house prices back to levels seen in the previous summer. However, this price reduction is not necessarily evenly spread throughout the regions. Chris stresses that strategic foresight is needed to navigate this uneven terrain. Where some regions may offer better opportunities for development and investment than others.
Addressing the possibility of market corrections, Chris is cautiously optimistic. “While some predictions suggest a potential fall in prices, the South Coast’s market is less volatile due to its strong appeal and continuous influx of buyers drawn to the lifestyle and opportunities here” Chris states, implying that the region may be more insulated from broader economic downturns.