Forecasting house prices is something of a national obsession — just not one that the British are very good at. When mortgage interest rates soared in autumn 2022, some economists on the doom-mongering side predicted house price Armageddon, while others were calmer.
For its part, the Office for Budget Responsibility predicted a peak-to-trough fall of 10 per cent, from the end of 2022 to 2024, which in November it revised down to just under 8 per cent.
Now, as mortgage rates fall and inflation eases significantly, the picture is looking even rosier. The estate agency Knight Frank has dramatically changed its forecast, predicting UK prices to rise by 3 per cent in 2024, which compares to a decline of 4 per cent predicted in October.
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