House prices have risen again this year – with London homeowners enjoying an 18% rise in property prices and homeowners across the country seeing the value of their homes rise by an average of 6.8%.
The Express reports that in October, house prices rose by an average of 1.2% – and in 2015, property prices are expected to increase by an average of £10,000.
Housing experts say that in 2015, house prices will rise by a predicted 5% – the average of cost of a house is now £204, 247. In London, the average price of a home is now £536,000 according to estate agent Haart.
The chief executive of Haart, Paul Smith, said:
“All signals are pointing to more price rises, which we think will be up to five 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.
“Supply of homes is the biggest issue affecting prices and until this is properly addressed, prices will continue to rise.”
The Governor of the Bank of England (BoE) Mark Carney has also signalled that the BoE base rate is unlikely to rise in the near future, as a result of the economic slowdown in other EU member states and outside the EU – despite the UK economy continuing to boom.
Duncan Lewis Housing Lawyers
Duncan Lewis housing lawyers are a leading firm of Legal Aid lawyers and are able to advise homeowners on a wide range of housing matters, including debt management and mortgage repossession.
Duncan Lewis housing lawyers also offer competitively priced conveyancing services to homebuyers, including first-time buyers.
For expert legal advice on housing law, call Duncan Lewis housing lawyers on 020 7923 4020.