6 Nov

Residential property "will continue" recovery

Residential property "will continue" recovery

The recent recovery in property prices "will continue into the long run", according to a report by Cluttons.

A residential forecast from the international property consultant and chartered surveyor predicts that house values will increase by up to two per cent next year in its best-case scenario.

However, its worst-case scenario forecasts a potential drop of as much as five per cent across the country in 2010.

Long-term predictions are largely positive, with the company forecasting continuous growth of approximately three to four per cent per year from 2011 until 2014.

Stock levels in the property sector are expected to experience slow growth next year as sellers return to the market.

Andrew Stanford, head of Cluttons' residential professional division, said: "We expect stock to increase in 2010, but with vendors' pricing expectations still high, this may leave optimistic buyers frustrated."

Research released by Aviva in November revealed that homeowners attach emotional added value (EAV) to their properties. The company calculated the average EAV to be £26,880.
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