21 Jan

House prices in 2014 will exceed 2007 levels

House prices in 2014 will exceed 2007 levels

The cost of buying a house from estate agents next year will see prices at last return to levels not seen since the market crashed in 2007, economists have predicted after a promising start to 2013.

It has been reported that the average asking price in January 2013 is a full 2.4 per cent higher than in the same month in 2012, and economists say that this will be a precursor to the return to health of the property market next year.

According to the Centre for Economics and Business Research (CEBR), it will cost an average of £223,000 to purchase a house, which is 0.7 per cent higher than when the sector was at its peak in 2007.

Daniel Solomon, CEBR economist and main author of the research, said: "Next year, UK property prices will hit a significant milestone, passing their pre-crisis peak for the first time. This will be driven by fundamentals, such as a return to modest economic growth."ADNFCR-1222-ID-801525699-ADNFCR

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