House Prices 'Will Soar by 25%

July 28, 2008 - PRLog -- House prices fell for the 10th month in a row during July - but there are claims the property market will bounce back stronger than ever.
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Homes in England and Wales lost a further 1.2% of their value during the past four weeks, new figures show.

The average cost of a home has now slumped by 4.4% during the past year.

That is  the fastest annual rate of decline since property intelligence group Hometrack first launched its index in 2001.

But separate research carried out for the National Housing Federation predicted that the house prices in England will rise by 25% during the coming five years.

Hometrack reported price falls in 65 postcode districts of England and Wales during July, adding the average home now cost just £168,500, the same as in October 2006.

It said demand from potential buyers had continued to fall during the month, with the number of people registering with estate agents slumping by 6.4%, following a drop of 5.7% in June and one of 6.7% in May.

At the same time the number of properties on the market rose by 1.1%, while the average time it takes to sell a home further increased to 11 weeks.

Homeowners are now getting an average of just 90.9% of their asking price - well down on levels of 95.1% 12 months ago.

East Anglia saw the biggest drop in prices during the month, with the average cost of a home falling by 1.4%, while slides of 1.3% were recorded in Greater London, the South East, South West and East Midlands.

Despite the gloomy figures, National Housing Federation (NHF) research claimed the current market downturn would be over by 2010, leading to a return of rising prices.

It predicts the average home in England will cost £274,700 by 2013, with prices rising by 5.2% during 2011 and by more than 9% a year in both 2012 and 2013.
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In the short-term, it expects prices to fall by a further 2.1% in 2009, before beginning to increase in 2010, edging ahead by 1.3%.

The research, by Oxford Economics, showed despite the current crisis, demand for property is still growing, while the supply of new housing is falling.

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