If you’re keeping an eye on the property market, there’s interesting news on the horizon. Recent forecasts suggest a significant rise in house prices across the UK over the next few years, especially in Torquay.

Details of the Forecast

According to property experts at Savills, by the end of 2028, we can expect to see an average increase of 21.6% in property values across Britain. This is an update from their previous prediction of a 17.9% rise. For homeowners and potential buyers, this means the average house price could see a substantial increase of around £61,500, escalating from £285,000 in 2023 to an estimated £346,500 by 2028.

What’s Driving the Increase?

Lucian Cook, the head of residential research at Savills, explains that the outlook for 2024 looks more promising than previous forecasts. A slight decrease in mortgage costs and reduced volatility are key factors contributing to this revised prediction.

What This Means for You

For current homeowners, this is potentially good news as the value of your property may significantly increase, boosting your equity. For those considering buying, these predictions highlight the importance of entering the market sooner rather than later, before prices climb further.

These forecasts offer both opportunities and challenges depending on your position in the property market. Whether you’re planning to buy, sell, or simply stay informed, understanding these trends is crucial.

Thinking of Buying or Re-mortgaging?

Considering the anticipated rise in property values, now might be the perfect time to think about your next move in the property market. Whether you’re looking to buy your first home or thinking about re-mortgaging, our team is here to help you navigate through these changing times with expert mortgage advice.

Feel free to reach out to us for guidance tailored to your personal circumstances and make the most of the upcoming opportunities in the property market.