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UK House Prices Forecasts and Predictions for Home and Property in the UK at 22nd December 2006
| UK House Prices Situation: Strong UK House Prices Forecast: 4% - 7% growth during 2007 Three House Price Forecasts for 2007 – What's In Store? This week, two of the UK's largest mortgage lenders, Nationwide and Halifax, published their house price forecasts for 2007. Nationwide is predicting an average 6% increase in house prices around the UK, while Halifax has opted for a more conservative 4%. Despite the difference in their forecasts, both lenders have a similar view of the likely market conditions in 2007, believing that continued economic growth and strong demand for the restricted supply of housing will support prices and prevent any danger of a crash. First-time buyers are likely to continue to suffer from a lack of affordability at the bottom of the market as house prices continue to outgrow salaries. Fionnuala Earley, group economist at Nationwide, said that "we expect to see a further gradual fallback in the numbers of first-time buyers as prices move away from them." In a third forecast for 2007, the Royal Institute of Chartered Surveyors (RICS) predicted that average house prices would rise by approximately 7%, but painted a bleaker picture overall, suggesting that greater numbers of homeowners would overextend themselves financially and that repossessions would start to increase. RICS too described the outlook for first-time buyers as one of "increasing gloom". Buy-to-Let Growth to Continue in 2007 A new report from Bradford & Bingley suggests that growth in the buy-to-let market is set to continue into 2007, with 95% of landlords surveyed by the mortgage lender planning to maintain or increase the size of their portfolio in 2007. In their 2007 forecast, RICS also suggested that buy-to-let buyers might take up the slack at the bottom of the property market, with RICS economist David Stubbs commenting that, "buy-to-let investors [will] substitute for first-time buyers at the bottom end of the market". The main threats to continued buy-to-let growth were thought to be reduced rental yields and the fear of a property market crash. |
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