An estate and letting agent has predicted tough times ahead for renters as house prices stall and rents increase. The Daily Mirror reports Hamptons forecasts that while rising inflation and mortgage rates will put the brakes on house prices, those renting will be hit in the pocket.
Property sales are expected to be hit in 2023 and, according to the forecast, this will come from a drop in mortgaged buyers and particularly first-time buyers. However, the estate agent said that 2024 could be a "year of recovery".
Hamptons said the Bank of England base rate is likely to peak in early 2023, before falling slightly towards the end of the year or early in 2024, helping to ease mortgage costs. It forecasts house sales across Britain will rise from around 1.1m next year to 1.2m in 2024.
