Rics predicts 7% house price rise
www.moneynews.co.uk > Housing market > Rics predicts 7% house price rise
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Money News |
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Rics predicts 7% house price rise
Tue 12th Dec 2006
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This scenario is set to have a detrimental effect on first-time buyers who are facing an average property price of £187,995, the latest Halifax house price index states.
As well as the house price increase, the Rics housing market forecast has estimated that in order to cool the housing market, the Bank of England are is likely to raise the base rate next year by a quarter of a point to 5.25 per cent.
David Stubbs, Rics economist, stated: "The strength of the market this year has been surprising. Indications are the market will retain significant momentum through the first half of 2007 due to solid economic growth and rising employment.
"The bleak outlook for first-time buyers looks set to darken further as house prices rise faster than incomes and the government holds the stamp duty threshold at £125,000."
It is also predicted that the amount of repossessions in the UK will rise and although prices will cool, the affordability of property will still pose a problem to first-time buyers as price rises outweigh pay increases.
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