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House prices are on track to suffer their biggest drop since the financial crisis, as economists warn of a market “correction” this year due to rising borrowing costs and a possible recession.
Two-thirds of economists surveyed by The Times expect house prices to fall more than 4 percent, with most warning of near double-digit declines, making 2023 the worst year for the housing market since 2009.
“A double-digit price drop wouldn’t be surprising,” said Sanjay Raja, chief UK economist at Deutsche Bank. “If typical mortgage rates remain above 5 percent, coupled with unprecedented pressure on household income, it is hard to see how home prices can avoid taking a big hit in 2023.”
Interest rates are at an all time high
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