House prices will rise £61,500 on average in the next five years

House prices will rise by an average of £61,500 in the next five years according to estate agent Savills, after it revised its prediction upwards from six months ago.

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The average value of a home in Britain is forecast to increase 21.6 per cent by the end of 2028, according to Savills.

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The estate agent has revised that forecast, up from 17.9 per cent in November last year.

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It has also revised its annual forecast, which now stands at an increase of 2.5 per cent for 2024.

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Savills had previously expected house prices to fall by 3 per cent this year, but made the revision on the back of falls in the cost of mortgage debt.

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Savills suggested that the number of housing transactions would reach 1.05million this year, slightly up from the 1.01 million forecast at the end of last year.

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However, it said that the housing market remains sensitive to short-term fluctuations in the cost of debt and political uncertainty in the run up to the General Election.

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If you are looking to sell your property, we cover Stoke-on-Trent, Staffordshire and Cheshire, so get in touch today on 01782 970222 or book a free valuation directly via our website.