Want Space Got Space - Offices, retail and industrial space Want Space Got Space - News about how to find and advertise commercial property to let, rent or sell in England, Wales and Scotland including Offices, Warehouse, Commercial, Manufacturing, Shops and Retail.



Recovery in UK house prices with 33% cumulative growth by 2017

wantspacegotspace.co.uk - Recovery in UK house prices with 33% cumulative growth by 2017House prices in the UK are set to rise by a cumulative 33% between 2007 and the end of 2017, according to the latest research by BNP Paribas Real Estate. Prices are forecast to grow by 2.5% this year; a significant improvement on 2012 when prices fell -0.9%.
The leading international real estate adviser has published its latest Housing & The Economy report - its annual house price forecasts put together with Professor Patrick Minford, a former economics adviser to Margaret Thatcher and the current Professor of Economics at Cardiff Business School.
London is set to lead the UK house price recovery with 69% cumulative growth between 2007 and the end of 2017. Growth last year in London was 1.6%, growth this year will be 6.8%, but in 2014 it is forecast to rise to 8.6%, BNP Paribas Real Estate predicts.
BNP Paribas Real Estate’s Executive Director, UK Residential, Adrian Owen, commented: “This year is expected to be a turning point for the housing market, with house prices forecast to rise across all regions. Price rises will not be confined to this year, but look set to continue to the end of our forecast period in 2017. Admittedly there will be considerable variation in growth rates across the country, but it will certainly be an improvement on 2012, when house prices fell in all regions except London and the South East.”
“Last year we were labelled bold with our 2013 growth forecast of 6.6% in London but it is good to see the market now concurs and in fact this year’s growth will be even slightly higher than we predicted,” added Owen. The South East (outside London) is the second biggest winner behind London, in terms of house price growth, with cumulative growth of 50% forecast between 2007 and the end of 2017. In 2013, growth will be 4.3%.
The South West follows with 43% predicted growth between 2007 and the end of 2017, with growth this year forecast at 2.2%. The Eastern regions and West Midlands have price growth predicted of 38% and 25%, respectively.
Between 2007 and 2017, East Midlands will see cumulative growth of 29% and Yorkshire will see cumulative growth of 16%. The lowest growth is forecast in the North West and North East, with cumulative rises in house prices predicted at 13% and 12%, respectively.
Joanne Warren, associate director within BNP Paribas Real Estate’s research department, concluded: “Going forward, as the housing market recovery gains strength and demand levels grow, the pace of price rises will accelerate. Next year UK house prices are forecast to grow 6.1%, which is more than double the 2013 rate. The growth rate will then increase year on year and in 2017 UK house prices are forecast to rise 8.0%. Although positive growth is forecast for 2013 and 2014, it will not be until 2015 that UK house prices return to the 2007 pre-recessionary market peak.”
BNP Paribas Real Estate is a major player in the residential real estate market: £1.2bn in Land; £12bn GDV; and 35,000 units in the last 12 months.

Posted by The Editor (wantspacegotspace) on 16th September 2013

Back to news list

 Surrey  Leeds  Leicester  Derby  Nottingham  Birmingham  Manchester  London  Essex  Milton Keynes  Northampton 
 Kettering  Cardiff  Basingstoke  Dorset  Shrewsbury  Bristol  Southampton  Reading  Bolton  Coventry  Swansea  High Wycombe 
 Corby  Rugby  Worcester  Chelmsford  Lincoln  Bedford  West Sussex  Doncaster  Wolverhampton  Telford  Croydon  Slough 
 Cornwall  Solihull  Sittingbourne  Fareham  Watford  Portsmouth  Ashford  Greater Manchester  Luton  West Malling  Kings Hill  Middlesex