A builder works on a Persimmon home
(Picture: Persimmon)One of the UK’s biggest developers predicted a drop in house prices next year as rising interest rates, the cost-of-living crisis and a likely recession bite into the market.
Persimmon predicted “a deterioration in average selling prices” even as it said the “recent and rapid change in market conditions” meant it was too early to give full guidance for 2023. But it also confirmed it expected to complete fewer sales than in 2022. It stood by guidance to complete between 14,500 and 15,000 homes this year.
