A huge 23.4 per cent growth in the UK housing market is expected by 2029, according to estate agent Savills.
House prices are set to rise by £84,000 on average over the next five years, due to lower interest rates and improved affordability.
The overall price rise across the UK is the equivalent of an increase of 11 per cent in real terms once adjusted for inflation. Inflation has fallen back to below the 2 per cent target, which has already improved buyer confidence and injected movement into the housing market, according to Savills. Homes in Manchester. Properties in the north of England - where prices are more affordable - are set to see the biggest growth
This prompted some lenders, including HSBC and Coventry Building Society, to reprice their deals upwards.Expectations of two interest cuts before the end of the year have been squashed but brokers still expect an overall downward trend for rates. Plus, demand in the buy-to-let sector is also likely to dampen due to tightened regulation and further stamp duty charges.
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