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December 1, 2011

Steady house price rises from 2013

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by Gill Montia

Steady house price rises from 2013

UK house prices are expected to end the year 0.9% down, according to the Office for Budget Responsibility, and show a further decline of 0.2% in 2012.

However, the independent analyst has lined up average house price gains of 1.9% in 2013; 4.3% in 2014; 4.5% in 2015 and 4.5% in 2016.

The figures accompanied the Chancellor’s Autumn Statement earlier this week and provide a modicum of hope to homeowners currently in negative equity.

Despite the consistently gloomy short-term outlook for the UK housing market, shortage of supply is sure to underpin prices in the longer term.

According to Nationwide, 107,530 new homes were completed in England in the year to the end of September, less than half the 240,000 required to keep pace with household formation.

The building society’s latest house price index shows the value of the typical home rising 0.4% during November, taking the annual rate of growth to 1.6% (up from 0.8% in October).

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