LONDON homeowners were today given a bleak warning that property prices will fall faster in the capital than anywhere else in the country next year as higher mortgage rates send the market plunging.
Prices outside the most exclusive addresses of central London will slump by 12.5 per cent next year with a further one per cent dip in 2024, before a recovery begins in 2025, according to new forecasts from agents Savills. However, even by 2027 prices will not have fully recovered the lost ground and will still be 1.7 per cent below current levels.
Savills said owners in London and the South-East will be worst affected because they have stretched themselves most with the highest levels of debt.
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