Good news for homeowners today, as predictions made by the National Housing Federation (NHF) suggest that we can see a boom in house prices as early as 2012 and will likely continue to 2014, reports Times online.
House prices during this period could rise by almost 20% due to the pressure put on the market by a shortage of properties. In the meantime, however, the NHF has predicted a fall in prices by up to 12.2% this year, 4.6% next year and then stabilising in 2011, with a 1.1% rise. The three-year boom will consist of a 7.5% rise in 2012, 8.4% in 2013 and 6.8% in 2014, with average prices rising by £38,000 from £189,900 to £227,800 at the end of the boom.
However the NHF has predicted that many of those trapped in negative equity won’t see their prices rise enough to outstrip their mortgage and will remain stuck in negative equity, in particular those who have been most effected by the 25% fall in prices from peak to trough.
Prices have been predicted to act in this fashion due to the high pressure from the shortage of properties; currently, only 60% of the required number of homes are built each year. Social housing waiting lists are growing due to a lack of lending to first-time buyers and low-income households, so these have not been able to take advantage of the recent fall in house prices.
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