How does the average UK home cost?
March 1st 2007 05:18
via Thisismoney UK
In the UK, there are at least three top companies which spew out in-depth reports and forecasts on real estate and housing trends. These are Halifax, Nationwide, and Hometrack. Halifax said that the average UK home “rose by 9.9% last year to reach £186,035. They have also predicted a further rise in 2007 of 4%.” Nationwide stated that it “rose by 10.5%, in 2006, to £173,746, and they have forecast a rise of 7% in 2007.” Whereas Hometrack declared that UK homes‘ cost rose by 5.7% last year to £170,100.
Elswhere, the National Association of Estate Agents chief executive Peter Bolton-King predicts that there will be a 5% growth for 2007.
However, The Royal Institution of Chartered Surveyor determine that the prices rose by 8% last year and predicts a further 7% increase for 2007.
This may at some point coincide with reports that UK and the rest of Northern Europe will continue to experience real estate boom. Note, however, that the RICS says that last year housing affordability deteriorated by 14% and a first-time buyer couple would now need to save £32,800 to buy a home.
The bottom line is that experts do not see a double-digit increase on house prices.
(Did you find this article useful? Discuss it at Global Property Guide forums!)
In the UK, there are at least three top companies which spew out in-depth reports and forecasts on real estate and housing trends. These are Halifax, Nationwide, and Hometrack. Halifax said that the average UK home “rose by 9.9% last year to reach £186,035. They have also predicted a further rise in 2007 of 4%.” Nationwide stated that it “rose by 10.5%, in 2006, to £173,746, and they have forecast a rise of 7% in 2007.” Whereas Hometrack declared that UK homes‘ cost rose by 5.7% last year to £170,100.
Elswhere, the National Association of Estate Agents chief executive Peter Bolton-King predicts that there will be a 5% growth for 2007.
However, The Royal Institution of Chartered Surveyor determine that the prices rose by 8% last year and predicts a further 7% increase for 2007.
This may at some point coincide with reports that UK and the rest of Northern Europe will continue to experience real estate boom. Note, however, that the RICS says that last year housing affordability deteriorated by 14% and a first-time buyer couple would now need to save £32,800 to buy a home.
The bottom line is that experts do not see a double-digit increase on house prices.
(Did you find this article useful? Discuss it at Global Property Guide forums!)
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