A forecast report has predicted that UK house prices are set to rise by 24% by 2018.
Online PR News – 15-January-2014 – London – The UK Housing Market Forecast Q4 researched and issued by Knight Frank, reveals that the property market is showing strong price growth fuelled by a number of factors. The rising confidence and sudden growth and upturn in the economy, the fall in inflation and the UK Government support for house buyers with their latest scheme has all helped to boost the property market and short-term price movements.
The growth in house properties has started to outpace inflation and the demand for mortgages has also increased during Q2 and Q3. Increased and positive property price growth across the UK is forecasted for 2014 with average house price values expected to continue their rise over the next five years.
House prices in London have also helped to accelerate price growth in the UK fuelled by overseas buyers buying prime property in London. However, the report forecasts that the central London property market has already started to change and that the surrounding boroughs and areas in Greater London will start to see a strong price growth, overtaking price growth in central London. The property price growth around London areas will be fuelled by the demand for property in Greater London and surrounding areas and the lack of properties to buy.
Other factors for the increase in property prices have been the Bank of England’s Funding for Lending Scheme that has allowed easier access for mortgage lending to borrowers eased by competitive lending rates and cheaper rate mortgages as a result of the scheme.
The Help to Buy scheme launched by the UK Government has also helped to increase housing confidence and sentiment for borrowers. The scheme has helped first-time buyers as well as enabling existing homeowners with a low level of equity to move home. Since its launch in April, the scheme has helped nearly 15,500 buyers.
Fleur Rowan, What House, says: “The forecast for the growth of the property market is good news after years of slow movement. With the boost in economy confidence and the various Government-backed schemes really taking hold, the future of the property sector looks positive.”
Notes to Editors:
What House? is a leading property website that features thousands of new homes in the UK. It also provides the latest property news, valuation of homes and property and mortgage advice. Over the last 32 years, What House? has held their annual What House? Awards, which are the longest established New Homes awards in the UK recognising UK house builders and developers across 21 categories.any Name Here]