Despite the challenging landscape created by Liz Truss's mini budget, the housing market showed surprising resilience in 2023, with prices expected to rise over 3% in 2024, contradicting earlier predictions.
Predictions for house prices in 2025 range notably from 2% to 4% growth, underscoring a diverse range of expectations among economists and market analysts as they grapple with inflation's impact.
The housing market's activity is supported by strong wage growth of 5.2% as of October and a slight decrease in mortgage rates, alongside rising mortgage approvals in late 2023.
While the average UK home price approaches 300,000, the prospects of many first-time buyers remain grim, struggling to save deposits amidst rising rent and affordability challenges.
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