According to a report by Halifax, the average UK property prices rose by 1.1% in October, reaching £282,000. However, this increase is considered a correction after a prolonged period of growth, thus still carrying some uncertainty.

The Bank of England recently decided to maintain the interest rate at 5.25% and expects no interest rate cuts in the short term. This decision may have implications for the real estate market.

Nevertheless, some experts predict that over time, the central bank may begin to lower interest rates. According to forecasts by First Pacific Davies, the Bank of England might start reducing interest rates in the second half of 2024, bringing rates down from the current 5.25% to 4.75%.

It is projected that by 2027, rates could further decrease to 1.75%. Such a policy of lowering interest rates might stimulate the recovery of purchasing power and drive stable growth in housing demand.

Moreover, professional firm Savills believes that the UK real estate market could experience an upward rebound trend next summer and anticipates gradual property price growth in the coming years.

These predictions need to consider the influence of other factors such as politics and taxation. Therefore, a more cautious observation and analysis are required to understand the development trends in the UK real estate market.