House prices 'could rise 30%'
House prices could soar over 30 per cent in the next three years, according to one leading economics consultancy.
The Centre for Economics and Business Research (CEBR) has predicted that the market will pick up next year but will fall in the years after.
It is expected that by the end of 2012, average house prices will be up by more than £50,000 to £226,000, encouraging more people to rent property in London.
The CEBR has also predicted that within a year, around 1.7 million homeowners will be in negative equity.
HSBC also said yesterday (August 4th) that more than one in ten home buyers are in negative equity or are close to it.
This comes after the National Housing Federation last week said that house prices are expected to continue to fall in 2009.
The chairman of the CEBR said that the outlook for those wishing to purchase property remains "highly challenging", encouraging more people to stick to renting.
Published 5th August, 2008
© 2008 Estates IT Limited
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House prices could soar over 30 per cent in the next three years, according to one leading economics consultancy.