Apartments and houses in the United Kingdom will rise in price by 3% next year. This is the forecast of Halifax Bank.
Housing prices will rise, as there is a shortage of real estate in most of the country, and construction of new homes is sluggish.
Amanda Bryden, head of Halifax mortgages, explained that the imbalance between supply and demand continues to support prices. She also noted that higher mortgage rates compared to those of a few years ago may have forced some homeowners to postpone the sale, as buying a new home would mean an increase in their monthly mortgage costs.
British Prime Minister Keir Starmer has announced plans to overhaul the planning system in order to accelerate the construction of new homes, thereby stimulating economic growth.
Nationwide also forecasts a 2% to 4% increase in house prices in 2025.Source: Construction World
