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December 9, 2022

Yahoo News – House prices: Should you buy or sell your house next year?

As house prices are set to fall further, sellers may also want to get ahead of the decline.

Economists at Pantheon Macroeconomics have forecast a decline of 8% over the next year, while the Centre for Economics and Business Research (Cebr) said UK house prices are expected to fall by 4.5% on average in 2023. However, this is still unlikely to make property more affordable for young buyers.

The Cebr said that next year is likely to be a challenging year for the UK housing sector, with peak annual contraction of 6.2% expected in the third quarter.

Meanwhile, a study by Bloomberg Economics estimated that house prices may fall by as much as 20% as the Bank of England (BoE) continues to push up the costs of borrowing.

Read the full article.

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