The UK fiscal watchdog has drastically downgraded its house price forecasts, saying average home prices will fall this year.
Prices will drop 0.3% in 2019, the Office for Budget Responsibility forecast on Wednesday, in what it said was a “much weaker” outlook than before. In October, it had projected 3.2% growth for the year.
“Leading indicators of housing activity and prices have weakened noticeably since our October forecast,” the independent body said.
