A decline in mortgage rates has prompted a forecaster to reverse its predictions of a fall in UK house prices in 2024, instead suggesting the average cost of a property could rise by £61,500 over the next five years.
The property company Savills had forecast in November that it expected the average price of a home to fall by 3% this year because recent rises in the Bank of England base rate had heightened the affordability pressures on would-be buyers.
