13 May

UK property "correctly priced"

UK property "correctly priced"

New research suggests that the UK property market is on track and linked correctly to salaries.

The study by Knight Frank looked at the real estate market of 27 nations and categorised them on the basis of being in a property bubble, stable or not yet recovered from the global recession.

Researchers regarded a country's market as being correctly valued when incomes were enough to rent or purchase a home and when house prices were close to long-term average levels.

Japan was seen as one of the lagging behind markets because asking prices are still below expected rates but there are set to be price rises in the future as the country moves towards economic stability.

Prices in the UK were regarded as correct although there were large differences between the north and south regions but rising prices in London over recent months were not enough to distort the overall market.

Knight Frank's Everett-Allan explained the data is a good tool for estate agents and property investors to predict future trends.

She added: "It gives a good indication of where countries rank in terms of house price movement."ADNFCR-1222-ID-801719987-ADNFCR

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