Headline : Savills Revises House Price growth forecast to 2.5% Amid Confidence in Mortgage Rates

Read more from the original article on here at bmmagazine.co.uk.

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This shift reflects the company’s growing confidence in the trajectory of mortgage rates.

According to Savills, the average house price is expected to reach £292,000 by the end of the year, with a total rise of 21.6 percent over the next five years to £346,500. These updated figures mark an upward adjustment from its earlier forecast of 17.9 percent growth.

Lucian Cook, Savills’ head of residential research, cited the stabilization and gradual decline of mortgage rates as a key factor contributing to the improved outlook for the property market. He anticipates approximately 1.05 million transactions this year, compared to the 1.01 million forecasted previously.

Cook noted a significant improvement in mortgage affordability since November, with interest rates on a two-year mortgage for a borrower with a 25 percent deposit dropping from 5.34 percent to 4.84 percent. Moreover, mortgage approvals have risen above 60,000 per month in recent months, signaling increased activity in the housing market.

Read more from the original article on here at bmmagazine.co.uk.

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