JLL has updated their house price forecasts, with property values forecast to increase by an average of 3.3% annually between 2024 and 2028, with Greater London forecasted to grow 18.7% by 2028. This positive price growth reflects the resilience of the UK housing market, strong demand for homes, and expectations of more favourable market conditions in the second half of 2024 and beyond.
In terms of rental growth, JLL expect rents to continue to increase over the five year forecast period, with an average annual rental growth rate of 3.5% per annum (2024-2028), with London rents expected to rise 21.1% by 2028. This is attributed to the limited supply of rental properties and increasing demand, especially in urban areas.
Source: JLL
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Marcus Dixon, Head of UK Living and Residential Research at JLL, emphasizes the increasing popularity of urban living and forecasts continued demand for residential properties in city centres. The report anticipates that urban areas will experience stronger price and rental growth compared to suburban or rural areas.
https://residential.jll.co.uk/insights/research/jll-residential-forecasts-2024-2028-update
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