Forecast for United Kingdom (UK) house prices growth 2019-2024

Just as many other countries battling the coronavirus (covid-19) pandemic, United Kingdom's economy took a hit in the beginning of 2020. As a result, according to the forecast, house prices in the UK are forecast to fall by eight percent from the previous year, but will head for recovery and positive growth from 2022.

A period of continuous increase

As of February 2020, the average price for a house in the UK was over 230.3 thousand British pounds, up from roughly 167.7 thousand British pounds seven years ago - an increase of approximately 37 percent. It is not only the coronavirus crisis impacting the market. The political uncertainty surrounding the idea of the UK leaving the European Union forced a decrease in the number of property transactions in the last months of 2019.

Higher resilience of the rental market

Compared to house prices, the rental market seems to show more resilience. After a slight negative growth, rents are expected to return to a positive growth as soon as 2021.