Assetz® News - UK house prices to start recovering
UK house prices will fall 1.4% this year, but will then start a four-year climb to be 16% higher by the end of 2015, according to the Centre for Economics and Business Research (CEBR).
The group predicted that property values will begin to stabilise towards the end of 2011 due to a shortage in the number of houses available on the market.
Banks are expected to loosen their strict lending criteria, encouraging more people to look for a new home.
The previous upturn in the housing market was caused by a mismatch between supply and demand.
However, the recovery petered out as economic uncertainty forced potential buyers to delay their purchase plans, while those who wanted to buy a new home faced problems raising the mortgage finance they needed.
According to CEBR, only 130,000 new homes were built last year, nearly half the level required to keep pace with the growing number of households.
The resulting supply-demand gap is expected to push prices up 16% by 2015, the equivalent of an annual rise of nearly 4%.
Copyright © Press Association 2011
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