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UK House Prices Forecasts and Predictions for Home and Property in the UK at 12st January 2007
| UK House Prices Situation: Strong UK House Prices Forecast: Continued growth early in 2007, possible slowdown later in the year. Northern Ireland Prices Overtake UK Average For the first time since 1980, the average house price in Northern Ireland is higher than the UK average, according to new figures from the UK's biggest building society, Nationwide. 2006 saw Northern Ireland's house prices grow by a spectacular 44.1%, causing the average price to increase to £181,031, leapfrogging the UK average of £172,065. Experts Divided Over House Price Affordability A survey of 41 economists performed by the Financial Times has shown that 30/41 of them believe that current house prices are sustainable, citing relatively low mortgage rates and a strong employment market as evidence that people can afford current prices. In contrast, a study performed by Lombard Street Research (LSR) for the Daily Telegraph claims that houses are at their most overvalued for 15 years. LSR maintain an affordability index, and say that this has fallen consistently over the last year. LSR, who have predicted 2007 house price increases of 10%-15%, believe that falling affordability is becoming a real danger. Diana Choyleva, head of UK services at LSR, said that "If there is strong house price inflation this year in the low double digits and we have base rates peaking at 5.25% then house prices could become unaffordable by 2008." LSR's forecast for 2006 was very accurate, correctly predicting a 10% growth in average prices. Sellers Trying To Get Out Before Prices Fall? The owner of UK property website PrimeMove.com, Henry Pryor, has said that he believes house prices may have peaked at the end of 2006. Pryor said that in November he started to notice a trend of people who were "motivated by greed" selling their homes without buying another property, because they feared the market was about to fall. In an interview with the Financial Times, Pryor said that "We may look back and say the fourth quarter of 2006 was the peak." |
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