London’s property boom is over, and UK property prices won’t recover until 2019 | PrimeResi

London’s property boom is over, and UK property prices won’t recover until 2019 | PrimeResi

A double-header of gloom from Knight Frank’s latest house price reports: Liam Bailey and Gráinne Gilmore believe that next year will see the end of prime London’s house price boom, and that property prices across the UK will not reach their 2007 peak until 2019: the longest housing market recovery on record.

Here are the fundamentals:

• UK house prices will not reach their 2007 peak until 2019: the longest housing market recovery on record
• UK housing transactions will rise by 2% in 2013, but will remain well below peak levels for the rest of the decade
• Tax changes are forecast to weigh on prime central London prices, with no price movement expected in 2013.

On the UK housing market, Gráinne Gilmore, Head of UK Residential Research:
Some five years after the start of the financial crisis, the housing sector in the UK still does not bear the hallmarks of a fully functioning market.