The UK’s housing market has gone from strength to strength over the last two years, but this could all be set to change as the UK makes its way through the worst cost of living crisis in a generation.
The glory days for the UK’s housing market are about to come to an end, with buyers being forced to “drink a lethal cocktail” of high bills and interest rate increases. According to the Centre for Economics and Business Research, house prices will fall by four percent in 2023.
But even if house prices are predicted to drop later in 2022 and throughout next year, it’s unlikely to spark a buying frenzy as affordability takes a dip thanks to rising interest rates.