UK house prices may be set to drop by as much as 8% in 2023, according to Halifax, after a rise of £55,000 in average values between March 2020 and August 2022. Such a decline would return them to roughly £258,295, where they were in April 2021.

Savills meanwhile anticipated that if interest rates peaked at 4% and started easing back from mid-2024, then home values would begin to recover with the average house price recording a gain of 6% over the following five years. –

The Financial Mail on Sunday