Property prices hikes predicted
flats to rent in Hammersmith or property to rent in Blackheath may prove to be among the more viable living options for young professionals in the coming years, as house prices are set to increase again.
New figures from the Centre for Economics and Business Research indicate that the value of property could rise by two per cent between the end of 2009 and December 2010.
Indeed, gradual hikes in the cost of housing are expected to be witnessed over the following years.
CEBR economists forecast that the average house in the UK will cost £152,000 at the end of this year, before rising to £155,000, £161,000 and £163,000 over the following three years.
Benjamin Williamson, CEBR economist, explained: "Our view is that the extent of house price falls already seen means further significant falls are unlikely."
Last week, the National Housing Federation estimated that the average property in England will be worth £227,800 by 2014.
Written by Ben Carter
Published 11th August, 2009
© 2009 Estates IT Limited
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