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14 December 2012

House prices to rise 2% in 2013

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by Gill Montia

House prices to rise 2% in 2013

UK house prices will increase 2% over the next 12 months, while the cost of renting will rise by around 4%, according to the Royal Institution of Chartered Surveyors (RICS), which expects “slight” improvements in the economy to be reflected in the housing market.

In addition, transactions could jump just over 3% to 960,000 next year (from 930,000 in 2012) but remain well below their 2006 level of 1.67 million.

Surveyors are also forecasting a broadly stable market in prime central London, with much of the rest of the capital continuing to see above average increases.

Elsewhere, the South East and the North West should see modest rises while the remainder of the country will either see prices dip slightly or remain flat.

Finally, the RICS expects repossessions to fall below 35,000 next year for the first time since 2007, while housing starts edge up towards 115,000 in England.

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