The latest reports are out and predictions suggest 2014 could be a good year in most areas for property prices. More importantly, it looks like there may be some more properties for sale for you to choose from if buying as the forecasters believe confidence in the market will encourage more sellers to move home.
y forecasts are:-Savills suggest property prices in 2014 will increase by 6.5% and there will be 15% more homes sold. This price increase varies from 4.5% in Scotland to 8.5% in London and bear in mind property price changes will vary within these areas too.
Hamptons suggest house prices will grow by 6% nationally. Their variations are from 3% for prime central London markets through to 8% in Central London.
Strutt and Parker say;
“Over the medium term (2014-2015) whilst the economic fundamentals are expected to remain strong, there is likely to be considerable uncertainty for buyers and sellers around the £2m price bracket due to the looming election and the potential for further property fiscal measures. We expect that price growth in 2014 will be very sensitive to prevailing political press and expectations, and that 2015 may remain quite flat for the same reason. A return to sustainable growth of over 6% is expected from 2016 onwards for PCL and 4.5% for the UK. “
So the future at the moment looks bright for both house prices and stock levels. However, this renewed enthusiasm in the property market is still way behind levels of pre-credit crunch. We are still only selling around 60% of properties we used to and nationally property prices are still down by 10% since 2007.
But, if you are thinking of selling in 2014, it’s likely to be much easier task than it has been since the credit crunch started, just make sure you don’t over price your property as you won’t get any viewings.
Look out for our full review and property market forecast for 2014 and beyond which will be coming out early December.
