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UK house prices back on track after September dip

From Property Talk Live on November 25, 2014

The average price of a UK property is up 1.2% in October after a dip in September with annual growth strong at 6.8% according to a new report from estate agent haart.

The capital saw annual house price growth of 18% in October with prices up slightly on month (0.3%).

The estate agent is predicting UK property price growth of between 3.5% and 5% in 2015 and in London up to 7%.

10 buyers now chase each new property instruction across the country and 17 in London whilst first time buyer property price increased by a greater level – 3% on month, 8.1% annually.

Paul Smith, CEO of haart, said:

“Although price growth is easing it is merely a market correction with all signals pointing to price rises of up to 5% across the UK next year. Savvy buyers and sellers would be wise to run with the window of opportunity that this creates now.

“In the run up to the election it will be a case of ‘steady as she goes’ with little intervention from the government which thinks it has bigger fish to fry. However, this is short-sighted. Now is the time for some erudite analysis of the housing market by all political parties if we are to emerge post-election with renewed vigour. Supply of homes is the biggest issue affecting prices and until this is properly addressed, prices will continue to rise.”

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Source: Property Talk Live