26 Oct

House prices set to drop next year

House prices set to drop next year

Research from Knight Frank has shown that average house prices are set to fall five per cent next year, the first fall in price since 2008.

Good news for those looking for property for sale in Manchester and Cardiff is that prices will not return to their 2007 highs until 2020 in the north-west and Wales and 2015 in London. 

The study predicts transactional volume will remain at currently subdued levels next year, but won't return to the 20 year average level until 2016. A 5 per cent drop in prices would leave property values at nearly 15 per cent behind their 2007 peak. 

According to the Q4 UK Housing Market Forecast from Knight Frank: "The London market has benefited from a weak pound and growth in global wealth portfolios, demand for international education opportunities and demand for ‘safe haven’ assets on the back of recent geopolitical concerns."

It is also predicted that average house prices will not hit peak 2007 levels again until 2018.

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