12 Jul

UK house prices unlikely to return to peaks before 2021

UK house prices unlikely to return to peaks before 2021

The cost of buying homes in the UK is unlikely to return to the peak levels seen before the crash in the market at any point before 2021 according to new figures.

The latest figures from PwC have shown that the price of houses with estate agents has fallen by 18 per cent in real terms in 2007.

And it added that while those in London have risen significantly, above peaks in fact, the UK as a whole has yet to recover. Predictions state that it will be 2021 before prices hit the highest levels once more.

This year will see a one or two per cent rise, while there will be a three per cent rise in 2014. However, by 2015 they will still be below the cost in real terms of 2007 by a full 15 per cent.

"Over the next few years, we expect the recent gradual recovery in UK house prices to continue, although affordability will remain an issue for many first time buyers," said PwC chief executive John Hawksworth.ADNFCR-1222-ID-801611905-ADNFCR

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