UK house prices will fall 10% from their peak in the fourth quarter of 2022, the Office for Budget Responsibility predicted.
(Bloomberg) — UK house prices will fall 10% from their peak in the fourth quarter of 2022, the Office for Budget Responsibility predicted.
Property transactions will drop by 20% relative to their peak in the same quarter, the government’s fiscal watchdog said Wednesday in an economic outlook to accompany Chancellor of the Exchequer Jeremy Hunt’s annual budget.
“Low consumer confidence, the squeeze on real incomes, and the expectation of mortgage rate rises to come are expected to contribute to continued falls in house prices and a reduction in housing market activity,” the OBR said.
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