2 Dec

Reita predicts "substantial" property price rises

Reita predicts "substantial" property price rises

Property prices in the UK could rise by as much as 15 per cent throughout 2010, according to an expert at Reita.

Patrick Sumner, chair of the property investment organisation, believes that underlying real estate values are recovering and that prices will move up as demand continues to exceed supply.

"There is still quite a substantial recovery to come, so you could see un-geared property values - UK average - rise by ten or 15 per cent over the next 12 months," he commented.

According to the Property Investment Perspective published by Reita in October, 95 per cent of industry experts said that they felt that the conditions within the market had improved over the three months from July 2009.

Mr Sumner added that the commercial property sector was set to make "pretty sharp value increases", with real estate in shopping centres, retail parks and modern, central London office space performing well for investors.

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