Thinking about buying a house? Well, according to the Office for Budget Responsibility, the best time to make a move is early 2025. They predict that property prices will hit their lowest point then, with potential discounts of up to £25,000 off homes. This is great news for prospective buyers looking to snag a deal.
Prices set to fall
The OBR expects average house prices to drop to £266,000 at the start of 2025. That's a significant decrease of 7.6 percent from the high in the final quarter of 2022. It's worth noting that the average house price in the UK was £291,999 in September of this year. So, if you're in the market for a new home, now might be the time to act.
Time is ticking
But don't wait too long! The OBR predicts that prices will increase by 6.4 percent in 2029 compared to 2022. This means there's a four-year window for buyers to take advantage of potential discounts. With house prices already experiencing the biggest year-on-year fall in 14 years, it's clear that the market is in flux.
A downturn in property transactions
It's not just falling prices that buyers need to consider. Property transactions have also seen a decline due to lower demand. In September 2023, there were 92,600 property transactions, which was 19 percent lower than the previous year and 2 percent down from August 2023. The OBR expects this trend to continue, with housing transactions projected to fall by 6.9 percent in 2024.
Boost for home-hunters
In the midst of all this, Chancellor Jeremy Hunt's Autumn Statement offered some good news for those looking to buy a home. Prices are set to fall by 4.7 percent next year, providing even more incentive to make a move. So, if you've been dreaming of owning your own home, it might be time to start looking. Just remember, the clock is ticking!
Did you miss our previous article…
https://hellofaread.com/money/discount-supermarket-lidl-to-close-stores-for-most-of-the-festive-period/
