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UK House Prices Forecasts and Predictions for Home and Property in the UK at 5th January 2007
| UK House Prices Situation: Strong UK House Prices Forecast: Strong growth in south-east for Q1 & Q2 2007 The End of Sub-£100k Housing 2007 looks set to mark the last year any towns or cities in the UK will have an average house price below £100,000, according to Andy Hagan, Chief Executive of HBOS (Halifax). Discussing prospects for the housing market in 2007, Hagan remarked that, "For the first time ever we expect there to be no towns with an average price below £100,000 at the end of 2007." Hagan also commented that the "economic fundamentals underpinning housing will be sound during 2007". He cited factors such as rising employment, a high divorce rate, greater longevity and restricted supply as contributing towards a strong market. No Profits for Homeowners in Cumbria While property prices in London may have risen more than 12 per cent in 2006, prices in Cumbria have only risen by an extremely modest average of 0.9 per cent, one of the lowest figures in the country. This modest growth left the average Cumbrian house price at £127,300 – up from £126,200 at the end of 2005. Although there have been pockets of strong growth in the Midlands and the North of England, similar overall trends have been observed in both these regions. Figures from property website Hometrack revealed that average growth in the Midlands in 2006 has been just 0.7 per cent, with average growth the North of England a minimal 0.5 per cent. House Price Inflation Ends 2006 at 10.5 per cent Average house price inflation for 2006 was 10.5 per cent, according to figures published by Nationwide Building Society. Traditionally a quiet month, December delivered a strong 1.2 per cent average growth to ensure that house price inflation for the year remained in double digits. Fionnuala Earley, Nationwide's group economist, commented that there are "few signs that the rate of house price growth will moderate in the very short term". |
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