House prices will rise 5.5% by the end of this year and accelerate by nearly 30% over the next five years, Chesterton Humberts has predicted.
In its mid-year forecast, the firm says that house price growth in prime central London will average 8% each year between now and 2017.
Nick Barnes, head of Chesterton Humberts’ research department, said: “There has been a notable uptick in market activity so far this year, in no small measure due to the greater availability of record low mortgage deals.
“We have seen green shoots flatter to deceive before. However, this time around the level of consumer confidence appears more robust, and if favourable mortgage finance remains available, the long-awaited recovery may at last be sustained.
“What we need in tandem with this upswing, however, is an increase in housing supply to mitigate any potential price bubble.”
Chesterton Humberts is predicting that East Anglia will outperform Greater London for the first time since August 2005, enjoying average increases of 6.3% per annum between 2013 and 2017, compared to London’s 6.2%.
Despite the South continuing to outperform the rest of the country, Chesterton Humberts also projects that total growth in the other regions will all improve, with house prices in East Midlands and Yorkshire & Humber increasing by over 25% followed by West Midlands (19.6%), North-West (18.3%) and North-East (11.8%).
Comments
The average house price TRIPLED from 1997 to 2007. Over that same decade, council tax doubled, food, and the other staples rose astronomically, whilst the national average salary in the UK only rose by about £6K.
The ability to work and pay for something you can call your own is a cornerstone of democracy.
Banks and Ministers, and the elite want us all to return to some sort of feudal society, serfs and proles.
Its happening right in front of us.
"The system of private property
is the most important guaranty of freedom,
not only for those who own property,
but scarcely less for those who do not."
-- Friedrich August von Hayek
(1899-1992), Nobel Laureate of Economic Sciences 1974
That's a stellar job in extrapolating an inaccurate conclusion from one data point. Bravo that man.
http://www.landregistry.gov.uk/__data/assets/file/0017/42740/HPI-April-2013.pdf
Page 5
"The region with the greatest annual price fall is the North
East with a movement of -5.7 per cent."
Yup, sky's the limit for UK house prices. Fill yer boots before you miss the boat.
A guy with crystal balls eh? Won't do his reproduction chances any good!
Wait for it...........wait for it..........nearly there........it's about to be said...........yes, here it is...................'green shoots', you gotta love a guy who gets paid for this stuff.
Can I start a new phrase for anywhere outside of the South East ?..... 'Brown Grass' anyone ?
Oink Oink, Flap Flap - a third!!!! oh okay!
Uptick!
Is this man a doc. or a vet.?
As we have seen so frequently; a single specific statistic is applied in a generalisation without any evidence or caveats. I will bet £100 at 5 to 1 odds, that house prices will not rise by 18% in Accrington or Whitehaven over the next five years but will rise by more than 6.3% next year in Mayfair. Any takers?
Yet pay continues to fall in real terms every year. How can it be if we have already a giant house price bubble and wages are falling are people going to buy by paying more?
"notable uptick" .... really ?! Is Spain still suffering a downtick ?