Despite our forecast for GDP to grow by only 0.7% in 2025 rather than the consensus forecast of more than 1.0%, our view that mortgage rates will fall further than is widely expected to below 4.0% next year suggests transactions will continue to recover and house prices can rise by around 3.5% this year and by 4.5% next year, which would be faster than the consensus forecast of 3.0% and 4.0% respectively.