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CML: Mortgage arrears and possessions conference at the The Midland Hotel, Peter Street, Manchester, M60 2DS
House prices set to rocket
The average house price in England will rise by 25 per cent over the next five years to reach £274,700, despite fears of a housing market crash – according to a new report published today by the National Housing Federation.
Although the report predicts that house prices will fall in 2009, it points to a year of stability in 2010 with a modest increase of 1.3% before prices start to increase rapidly from 2011.
With increases of 9.2% and 9.3% forecast for 2012 and 2013 respectively this will take cost of an average house from £222,600 in 2007 to the £274,700 predicted for 2013.
Worryingly the report goes on to conclude that only 75% of the required level of new housing will be built each year, with demand increasing and supply falling. The report would like to see the Government increase its investment in social housing now. David Orr the Federation chief executive commented, “One in thirteen households is registered as being in housing need, with four million people living in cramped or difficult conditions”.
