The UK's largest mortgage lender said that the value of real estate in the UK will decrease by 2-4%, but expects a partial recovery in the market, as mortgage interest rates will decrease next year.
Analysts believe that property prices have held up better than expected this year, falling by just 1% to an average of 283,615 pounds, but this is mainly due to a lack of supply, not high demand.
House prices remain at 3% below the peak of 293,025 pounds reached in the summer of 2022, but about 44,000 pounds above the pre-pandemic level.
The picture of the real estate market in different parts of the country differs. In regions such as the south-east of England, house prices fell by 5.7% over the year, while in Northern Ireland they increased by 2.3%.
Source: The Guardian