Greycoat: UK Housing Prices Set to Plummet in 2023

Inflation is affecting the world economy, and almost every industry has been hit hard by these changes as Greycoat real estate informs. There are predictions that the housing market, which is already struggling, will suffer more in the coming year. The prices of houses are expected to experience a steeper fall in prices in 2023 than the previous forecast.

Housing prices in the United Kingdom are expected to fall by approximately 7%. This is 2% lower than the previously predicted housing prices. In 2024, Greycoat adds, the prices are expected to get even steeper by approximately 4% more. As the price of houses falls, the cost of borrowing seems to rise higher by the day. 

Today, the problem is no longer on the final destination but the journey traveled by a homeowner. Inconsistent inflation data has caused a lot of problems for anyone intending to buy, sell, or remortgage a house. Many real estate agents, including Greycoat Real Estate, have confirmed that the inconsistency has persisted for about 18 months now. 

Unfortunately, no reliable solution has been arrived at, meaning the problem might escalate with time. Greycoat real estate agencies along with other firms are doing whatever is possible to fight against this situation.

According to Greycoat Real Estate agents, Prime Central London is poised for a smaller correction. The prediction is based on a number of factors, including higher cash sales. However, compared to the mid-2015 prices, today’s prices have gone higher by 15%. The fall in house sales has led to an increase in the rental market. The rental market is expected to grow stronger this year and in the coming five years and more.