HOUSE buyers should move in early 2025 – when property prices are forecast to be at their lowest.
The Office for Budget Responsibility say by then purchasers could enjoy discounts of up to £25,000 off homes.
The economic forecasters expect average house prices to fall to £266,000 at the start of 2025.
That is a drop of 7.6 percent from a high in the final quarter of 2022.
The average house price in the UK was £291,999 in September this year.
But the OBR say buyers need to get their skates on.
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In his Autumn Statement Jeremy Hunt announced:
- The biggest ever price hike for tobacco products
- A major win for The Sun's Save Our Sups campaign with alcohol duty frozen
- A major benefit change for renters on Universal Credit
- A £10,000 energy bill discount for Brits living near pylons
- A £350 income boost for self-employed workers
- A £470 payment boost for millions on Universal Credit
- Millions will be stripped of benefits under harsh new rules
- Nurses will save £500 in a personal income tax cut
- No fuel duty hike in huge relief for drivers
It gives just a four year window for prospective purchasers to seize on potential discounts.
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Brits have already seen the biggest year-on-year fall in average prices for 14 years.
They fell at their sharpest rate in over a decade in August — with the average value now £259,153, figures show.
The 5.3 per cent annual drop was the biggest since July 2009 and left house prices £14,600 below their August 2022 peak.
Collapsing house prices come amid a downturn in property transactions – with lower demand fuelling falling prices.
In September 2023 there were 92,600 property transactions, that's 19 percent lower than September 2022 and 2 percent down from August 2023.
The OBR added: "We expect housing transactions to fall by 6.9 per cent in 2024, a 1.9 percentage point steeper decline than in our March forecast of 5 per cent."
Home-mover completions with a mortgage in the first half of this year were a third down on 2019, while first-time buyer numbers were around 25 per cent lower.
It comes as those hunting for a home were given a boost in Chancellor Jeremy Hunt's Autumn Statement on Wednesday, with prices set to fall by 4.7 per cent next year.
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