Savills has forecast a 10% fall in house prices next year, a significant downgrade from the one per cent drop the estate agency predicted in May.
Properties taken back by banks rise 15% in three months as mortgage rates shoot up.
Capital values decreased by -6.8% across all UK commercial property in October 2022, according to the latest CBRE Monthly Index.
Rising mortgage costs are making buyers cautious, the Royal Institution of Chartered Surveyors (RICS) said. But rents are expected to continue rising, as property demand outstrips supply.
Expert says “we are now seeing the end of constant increases”.
A number of mortgage lenders are lowering their rates, responding to a calming of the financial markets following the turmoil created by Liz Truss’s ill-fated mini-budget.
Second home owners could lose out on tax breaks worth thousands after the Government’s adviser called for a crackdown on holiday lets.
Increasing numbers of transactions have fallen-through and asking price cuts are increasing but the market is still on track for almost 1.3m sales this year, Zoopla claims.
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