Housing market: UK property prices will continue to fall until 2025, says Britain’s biggest mortgage provider
UK property prices will continue to fall until the end of next year. That's according to Britain's biggest mortgage lender, who's forecast the industry will continue to 'retrace its steps' since the rapid price growth the country experienced at the end of the pandemic. Just by how much are the experts predicting prices will fall?
Transcript
00:00 You don't have to cast your mind back very far to remember a time when the headlines
00:05 were dominated by the skyrocketing cost of property. Post-pandemic, homeowners scrambled
00:10 to get their hands on more space after spending so long indoors, and prices reflected that.
00:16 Now though, a different story. Lloyds Banking Group is predicting we won't see a slowdown
00:20 in falling house prices until early 2025. Their property market experts think by the
00:25 end of this year, we will have seen them drop by 5%, and are forecasting another fall of
00:30 around 2.4% in 2024. Similarly, Santander is predicting a 2023 grand total of slightly
00:37 higher - 7% - and 2% the following year. The forecast suggests a total drop of around 11%
00:44 since their peak last year. It's not until 2025 that both lenders are predicting a property
00:49 price increase, in both cases negating the fall of their previous year's prediction.
00:54 Lloyds forecast a 2.3% increase, and Santander expect a 2% rise.