House price falls in 2024 will be significantly less than previously predicted offering some comfort to homeowners, according to the government’s official forecaster.

New estimates from the Office for Budget Responsibility (OBR) have revised the predicted fall this year down from 5 percent to 2 percent.

In documents published alongside the Budget, it said the average house price will fall to slightly below £275,000 in the final quarter of 2024.

Looking ahead, it is predicting a 3.5 percent…