House prices 'to increase by more than 5pc this year'
first-time buyers may be interested by news that the average cost of UK properties is set to increase by more than five per cent this year, according to new research.
Data from the Centre for Economic and Business Research (CEBR), an independent consultancy that provides analysis, forecasts and advice for a range of private and public organisations, also showed price rises are likely to happen annually until 2013.
It predicted an increase of 5.3 per cent this year, 3.4 per cent in 2011, nine per cent in the cost of a home in 2012 and a further four per cent hike in 2013, which would leave potential buyers needing to fork out more than £203,000 for an average UK home.
Benjamin McWilliams, CEBR's economist, suggested that the "net effects" had cancelled each other out, but despite this point the body had only revised down its projections slightly.
Predictions of increasing house prices over the next few years may encourage more people to consider looking for property to rent in the London borough of Islington, or elsewhere in the country, instead.
By Andy Britten
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 Islington, or elsewhere in the country, after a leading research organisation predicted increases in house prices during 2010 and in years to come.