Average house prices in the region will see a significant rise over the next five years, despite property values being expected to fall dramatically in 2023, according to a new forecast.
The mid-long term future of the property market in the region isn't bad at all, but 2023 is going to be tough.And it says our region is also expected to be “more resilient” than many other parts of the country, particularly London where the slump is expected to have a bigger impact.
Peter Daborn, director in the residential sales team at Savills in Telford, said: “We anticipate a growing divergence between cash and equity rich or cash buyers and other groups in their ability to transact, and between the mainstream market and prime markets where housing wealth is most concentrated.
But he said: “There are several factors that will insulate the market from the risk of a bigger downturn as seen after the financial crisis. Borrowers who haven’t locked into five-year fixed rates had their affordability heavily stress-tested until August this year. “Historical trends suggest that, from a geographical perspective at least, we are just over halfway through the second half of a housing market cycle and we expect cyclical factors, which are closely linked to affordability, to continue to take precedence over the regional distribution of economic growth over the next five years.”
Prime regional markets, which have recorded unprecedented levels of price growth since the early days of the pandemic, are expected to see falls of 6.5 per cent across the course of 2023, but a net gain of 10 per cent on average in the five years to the end of 2027.
Belgique Dernières Nouvelles, Belgique Actualités
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