London (Ask4debtconsolidation)
The current statistics has been offered by Royal Institution of Chartered Surveyors (RICS) according to which the prices are all set to go higher with the passage of time. The report also tabled one of the most interesting facts, which suggest that the properties will be gaining momentum consequently.
The process will result in further price rises as per the trend. To be precise, as far as data is concerned, it is likely to rise by 70000 by the end of next year on monthly basis. Currently it stands at 55000 to 60000, however it is far from the boom.
As we see the current trends, we find the imbalance between demand and supply, which will consequently result in higher prices. This is what Simon Rubinsohn meant when he said “The imbalance between supply and demand will continue into the early part of the new year resulting in some further house price gains. However, the combination of more available property and the beginning of the exit strategy from the big stimulus programmes that have helped support the economy will gradually exert a greater influence. Transaction levels are likely to increase, fulfilling the Christmas wish list of many agents throughout the country, but first-time buyers are likely to continue to struggle to procure finance from lenders without the help of generous relatives."
According to Halifax and Nationwide, two of the most reliable agencies, house prices have been on steady rise. Halifax has put the rise to 1.4% for the month of November. According to Nationwide the average price has risen more than £700 last month. It is also optimistic as per the current trends.
Although, the current trend is indicating considerable amount of optimism, however some experts do not see the continuation of the same. According to them, house prices are on rise due to lack of supply at present, however as more properties will appear on the scene, it will lead to the contrary. It could result in dropping by another 20%.
As the recent survey gives a real picture pertaining to the current trend, according to it the current price rise is not that much effective. As there are trends going to the contrary to the process of rising prices, increasing VAT and stamp duty charges and taxes on bonuses could dampen buyer interest in general.
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