After more than a year of stellar house-price rises, a forecaster has called the top of the market and predicted a fall — albeit next year.
“The prospects for the housing market over the medium term now appear gloomier,” says Karl Thompson, an economist at the Centre for Economics and Business Research (Cebr). He believes that house prices will fall by 2 per cent in 2023.
He’s not the only one to call the top of the market this week, despite figures from the Office for National Statistics showing that house prices rose by 10.9 per cent in the year to February.