4 Apr

British house prices to hit new peak in 2014

British house prices to hit new peak in 2014

House prices have been rising in the early months of 2013 thanks to the increase in sentiment and the number of people who are looking to get a foot on the ladder.

And it has now been announced by the Centre for Economics and Business Research (CEBR) that 2014 will see this strength continue, with higher prices set to be seen by estate agents.

House prices last peaked in 2007, before the recession caused the market to spectacularly crash, but the CEBR has said that the final sale values of homes will hit a level 2.3 per cent higher than in 2007 next year.

It is also hoped that the rise in the number of homeowners able to get themselves a new build will see the construction of property rise by 4,800 units by the year 2015.

Daniel Solomon, CEBR economist, said: "By 2018, we expect the typical UK home will cost £267,000 – over 20 per cent more than this year.

"Gradual wage and population increases will be the fundamental drivers of this medium-term trend."ADNFCR-1222-ID-801566769-ADNFCR

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