We've been looking for updated forecasts for a while. Kudos to Savills for sticking their head above the parapet. They expect an initial dip in 2020 followed by strong gains from 2021 onwards.
Property services giant Savills have issued a complete revision to their 5 year forecasts from the end of last year. There's both good news and bad. They suggest that the amount by which prices might rise remain broadly the same over the period. It's the timing that has changed.
Back in November, they were less than enthusiastic about the market's prospects for 2020, forecasting growth of just 1%. Unsurprisingly, they have revised that down. Negative 7.5% to be exact, uniformly over the regions.
It is 2021 and beyond that becomes interesting. While Savills expect London to lead the market in terms of transaction volumes, it is the North, Scotland and the Midlands that are likely to see the greatest price growth.
Here are the numbers -
Price movements for new build and off plan properties are driven by different dynamics and will likely rise at a different rate.