Will house prices go up over the next 3 years?
Asked on Jun 13 2010,
General in Nottingham |
It is very difficult to predict, at the moment prices are stable, however a lot will depend on how severe the cut backs and tax increases are in the budget as potentially this could have a negative impact on prices. 3 Years is a long time and I hope we are well out of recession and that prices are on the increase.
Answered on Jun 14 2010,
As Mark rightly identifys it is almost impossible to predict. Clearly talk is of belt tightening and cut backs, and of course unemployment and interest rates have a direct link with house price inflation.
My personal hunch is an incresingly stable market place as we slowly climb out of the economic situation.
Answered on Jun 14 2010,
The common opinion is yes, prices will continue to rise.
However, this is a case of macro and micronomics.
An area for instance such as Knightsbridge in London will always rise due to demand. However, some areas in the North have dropped due to saturation, so as a whole the papers often report the market going up or down, but you should also look at the smaller picture, the individual area.
One more interesting point to remember is that nationwide, there are simply not enough houses to meet requirements so, in a nutshell if supply does not meet demand then prices for the product continue to rise!
Web reference: http://www.pureacquisitions.co.uk
Answered on Jun 15 2010,
Oh if only I had a crystal ball, but then if I did I would be lying on a beach answering your question on my ipad ! The truth is nobody knows, the property market works like any other on supply and demand. The general view is that due to a lack of lending from the banks the number of buyers is low which will inevitably lead to prices coming down in the short/medium term. This is of course regionalised and London has seen price rises in the last few months backed by foreign investors taking advantage of the weak pound. The majority of the UK shows a different picture with a rather flat and subdued marketplace (dont believe the figures of increases in the media!) The recent budget with its public sector cuts, VAT and CGT increases won't have helped the market, so my view is that prices will not rise in the next 3 years.
Answered on Jun 24 2010,
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