9 Feb

House prices set to increase in 2017

House prices set to increase in 2017

Forecasts suggest house prices in the UK are set to increase by 3.5 per cent in 2017.

Economists at Lancaster University Management School are predicting the next 12 months will see housing market stability despite the ongoing uncertainty over Brexit.

The predictions were based on house price performance since October 2015 and ten economic variables such as income growth, unemployment rate and real mortgage rate.

Researchers also produced a number of regional forecasts, with London expecting to see prices grow by 3.9 per cent, while the biggest rise is forecast for East Anglia with a 5.7 per cent increase.

Meanwhile, the Centre for Policy Studies believes green belt land will need to be used by the government if the target to build one million new homes by 2020 is to be met.

One solution could be for the government to introduce legislation to create Special Purpose Vehicles (SPVs) to bring together developers, local communities and utility providers to meet the growing need for housing.ADNFCR-1222-ID-801832193-ADNFCR

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