UK house prices are “back on track”, according to research from haart. The estate agency’s data shows that after a dip in September, house prices grew 1.2 per cent in October to an average of £204,247 – 7 per cent higher than the same month last year.
London continues to lead the way, with house prices up 18 per cent compared to 12 moths ago, although growth notably cooled month-on-month, with values edging up 0.3 per cent from September.
Demand is still high, though, with 10 buyers chasing each new property instruction across the country and 17 buyers chasing each new listing in London.
As a result, haart predicts UK property prices will grow between 3.5 per cent and 5 per cent in 2015 and in London, where demand is higher, by up to 7 per cent.
Paul Smith, CEO of haart, comments: “Although price growth is easing it is merely a market correction with all signals pointing to price rises of up to 5 per cent across the UK next year. Savvy buyers and sellers would be wise to run with the window of opportunity that this creates now.”
Source: The Movechannel