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House prices ‘set to rise eight per cent in 12 months’ experts predict


12-30-2015

 

BRITAIN’S house price boom is set to continue well into 2016 with values rising as much as eight per cent, property experts have predicted.

house prices

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House prices set to continue rising

They forecast more sales and even the possibility of an interest rate rise is not expected to derail growth.

Analysts at Rightmove say a typical jump in values of six per cent next year will add £17,000 to the current average price of £269,477.

The website’s Sam Mitchell said: “I don’t expect a rate rise until the very end of next year, or maybe even the start of the year after.”

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house prices

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Experts say values will rise as much as eight per cent

Surveyors think East Anglia will be at the forefront of the housing market with growth of eight per cent.

Estate agents Savills suggests the South-east – excluding London – will see seven per cent rises and the East of England 6.5 per cent.

Lucian Cook, Savills’ head of UK residential research, tips values will lift five per cent for the UK as a whole, five per cent in the Midlands, with the North-east and North-west rising 2.5 and three per cent respectively.

Hometrack’s UK Cities House Price Index recorded growth of 10.1 per cent in the 12 months to November.

Values rose £21,100 in 20 cities featured in its end-of-year report and £13,500 across all British cities.

Fastest growth was seen in London at 13.3 per cent, taking the average cost of a home there to £500,000.

House PricesGETTY

Fastest growth was seen in London at 13.3 per cent

The strongest turnaround was in Glasgow where prices rocketed eight per cent compared to the 1.8 per cent recorded a year ago.

Aberdeen was the weakest area, with values dipping two per cent as a fall in the oil price impacts demand.

Richard Donnell, director of research at Hometrack, said: “We expect seven per cent growth in city prices over 2016 with a one per cent increase in transactions.

“This is all predicated on interest rates rising in late 2016. Earlier and faster rate rises would negatively impact house price growth.”

www.express.co.uk

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