DESPITE the Chancellor’s recent Autumn Statement not delivering on a number of areas many in the property sector had hoped for – such as a reduction in Stamp Duty and other incentives – according to newly published mainstream and prime house price forecasts for 2024 to 2028, which have been seen by the Times, the property market looks to be through the worst of the past year’s ‘volatility’.
“After a rollercoaster twelve months, the UK’s housing market is past ‘peak pain’ and looks set to bottom out in mid-2024,” reports the latest five-year house price forecasts from property adviser, Savills.
Will Peppitt, Savills’ head of residential in the South East, told the Times this week: “It is clear that the market across the South East is levelling out after the volatility of the last year. After a period of unprecedented price growth since 2019, it was inevitable that values would soften, yet despite the very challenging series of events last year, the drops have been relatively negligible.
He continued: “With much of the pain brought on by inflation and interest rate rises now behind us, we are expecting the prime property market to return to growth from the middle of next year, with areas within a 30-minute commute of London expected to see growth of 16.8% by 2028.
“And those further afield (within 60 minutes), such as Tunbridge Wells, forecasted growth of 18.6% in the same period, in line with the regional average.”
Robert Jacobs, head of Savills Tunbridge Wells office, added: “While there is still hesitancy among some buyers, in general the conditions for buying and selling are positive, with seller expectations being well-aligned with those of buyers.
“Tunbridge Wells and its surrounds has unwavering appeal as a place to live and therefore demand still outweighs supply.
“During the second half of this year, there has been a notable improvement in performance month on month and we therefore anticipate buyers seeing 2024 as an opportunity to move after a period of uncertainty. For those looking to sell, pricing your property realistically and in line with the most recent comparable sales will be key.”