House price growth "likely"
House prices in the UK are "likely" to rise over a sustained period, according to an expert.
Data from the Centre for Economics and Business Research (CEBR) predicted that the average cost of a home in Britain will rise by 5.3 per cent during 2010, with further increases over the following three years.
Ben Wilkie, editor of What Mortgage, warned potential buyers to expect a reasonable period of growth in prices, but suggested the aftermath of today's general election (May 6th) will make the situation far clearer.
He said that should heavy cuts and jobs losses ensue, leading to fewer disposable incomes, they could force a slight market contraction, "but I think generally we are on an upwards trend".
However, he added that CEBR's estimate of a mortgage rate fall was "optimistic".
News of an expected house price increase may encourage more people to consider looking for property to rent in the London borough of Havering, or elsewhere in the country, instead.
By Charles Mackay
Published 6th May, 2010
© 2010 Estates IT Limited
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More people may be encouraged to look for property to rent in the London borough of Havering, or elsewhere in the country, after one expert predicted a further period of house growth facing potential buyers.