"Hunt’s house of horrors”: House prices forecast to fall by over 10% by 2025
- Polling finds house price fall could cost Conservative party votes at the next General Election
According to the Office of Budget Responsibility documents that were released alongside the Budget today [15 March], house prices are expected to fall by 10% by 2025, with prices not expected to recover until 2027-28.
This is alongside a predicted 20% fall in property transactions relative to the fourth quarter of 2022.
Liberal Democrats have dubbed this Budget ‘Hunt’s House of Horrors’ as polling commissioned by the party showed almost two in five (38%) 2019 Conservative voters are less likely to back the party if house prices fall by as much as 10% next year.
Liberal Democrats are calling for a £3 billion Mortgage Protection Fund to support hardworking families who are struggling to pay their bills as a result of the Conservative’s mismanagement of the economy.
Responding to these new figures, Liberal Democrat Spokesperson for Levelling Up, Housing and Communities Helen Morgan MP said:
“For millions of families and pensioners this Budget is Jeremy Hunt’s house of horrors. People are seeing their house prices tumble, yet support from the Chancellor is nowhere to be seen.
“This is more proof that the out of touch Conservative Ministers are failing millions of hardworking families across the country.
“Rather than helping big banks the Government should introduce a Mortgage Protection Fund to protect families and pensioners from the Government’s spiralling rates.”
ENDS.
Notes to Editors:
OBR Point 2.51 - Property transaction fall and house prices fall
Liberal Democrat commissioned polling:
Methodology: Savanta ComRes interviewed 2,240 UK adults aged 18+ online between 30th September and 2nd October 2022. Data were weighted to be representative of the UK by age, sex, region and social grade.
There has been speculation that house prices may fall by as much as 10% next year. If this were to happen, would this make you more or less likely to vote for the Conservative party at the next General Election?
All UK adults (n=2,240) | All 2019 Conservative voters (n=524) | |
Less likely to vote for them | 30% | 38% |
No change – I would have voted Conservative before and still would | 17% | 31% |
No change – I wouldn’t have voted Conservative before and still wouldn’t | 37% | 11% |
More likely to vote for them | 4% | 5% |
Don’t know | 13% | 15% |
NET: No change | 54% | 42% |
