London
After a tumultuous 2022 the London housing market is predicted to continue to cool as the UK continues to grapple with recession and higher mortgage rates. The cost-of-living crisis, soaring inflation and interest rate spikes led to monthly house price declines earlier this year. Pundits are predicting further rate rises this year, which suggests the slowdown could deepen further in the coming months. However, leading property agency Savills has predicted longer-term, central London prices will grow 13.5 per cent over the next five years, underpinned by a lack of supply and fewer new builds.