Mainstream residential property price change forecast London 2023-2027
According to the forecast, house prices in London are expected to fall substantially in 2023 as a result of the increased borrowing costs and inflation. Mortgage rates reached record-low in 2020 and 2021, but have started to rise as a response to inflation. Over the five-year period, house prices for mainstream properties are forecast to fall by 1.7 percent. In 2022, the average house price in London ranged between 340,000 British pounds and 1.4 million British pounds, depending to the borough. Barking and Dagenham, Bexley, Newham, and Croydon were some of the most affordable boroughs to buy a house.
