House prices are set to rebound this year as falling mortgage rates and the prospect of the Bank of England cutting the cost of borrowing reverse a dip in property values.
Steadily falling mortgage rates and an expected surge in customer demand will push up house prices by 5 per cent in 2024, according to estimates from Pantheon Macroeconomics, the consultancy. Andrew Wishart, senior property economist at Capital Economics, said that another year of declining house prices could be “avoided altogether” as the economy improves.
The bullish projections come on the back of traders’ expectations that the Bank’s ratesetting monetary policy committee will cut interest rates as early as the spring, with market estimates pointing to a reduction of one percentage point in the base
