The UK house prices keep growing

UK property prices are growing due to the economy stabilization, Knight Frank reports.
MONTREUX, Switzerland - Oct. 1, 2013 - PRLog -- According to the Knight Frank August 2013 residential research the UK economy is about to reach a point where the artificial stimulation will no longer be needed. The Bank of England has revised its forecast for economic growth from 1.2% to 1.7% in 2014, the report says.

The leading experts forecast the extension of Help to buy program — a multibillion governmental program aimed at boosting new construction. The first tranche was a hit with 10,000 new home reservations in first four months of the scheme. Besides, according to the Knight Frank the decreased mortgage rates will last until the unemployment rate drops to 7%, presumably in 2016.

Those two factors have led to the growth of the first time buyers in 2013 by a third compared to 2012.

The house prices in London have been growing. Due to the liquidity of the market and London’s reputation as the best place to live in Knight Frank forecasts the growth of demand by 6% in 2013. Compared to 2009 the demand rose by 21% and in prestigious boroughs of London it keeps rising. For example in the London Borough of Richmond upon Thames, where currently the police station has been put up for action. The development will generate 10–20% yield.

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Tags:Investment, Property In London
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