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UK House Prices Situation at 17 8 2007: Slipping in some areas, stable elsewhere
UK House Prices Forecast: Continued stability with regional rises and falls
NHF Predict 40% Rise in House Prices
The National Housing Foundation's (NHF) prediction that house prices will rise by a further 40% over the next five years has been widely reported in the news this week.
However, it is dramatically different to most other forecasts, which suggest that most homes are currently overvalued in comparison to people's incomes, and predict a period of very limited growth.
So why the difference? It's hard to avoid coming to the conclusion that the NHF have something of a vested interest in house prices rising, as this justifies the building of more social (affordable) housing. The NHF are the industry body who represent housing associations across the UK.
That's not to say that the NHF is wrong to argue that shortage of supply in areas such as London has led to higher prices - but most other analysts believe that in most areas of the country, affordability pressures will prevent the dramatic further rises the NHF has forecast.
House Prices Won't Fall In 2008
One of the UK's leading estate agents, Savills, has published its predictions for 2008.
They believe that the recent interest rates rises have contributed to a slowdown in growth, but that unless there are significant further interest rate rises, the likelihood of major falls in house prices is low.
Savills' spokesman Lucian Cook commented that "Current interest levels are impacting on affordability, however as long as there remains a reasonable prospect for rates to drop below their current levels by the end of next year, we do not predict falls in average UK house prices."
Savills' prediction for average house price growth in 2008 is 5%.
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