Subscribe to The Money StopNews Feed

Browse > Home / News, News-Mortgages / House prices to rocket by 40 per cent, new report claims

House prices to rocket by 40 per cent, new report claims

August 6, 2007 by admin  
Filed under News, News-Mortgages

Leave a Comment

A sobering new report suggests that house prices will rise at a rate of 40 per cent in five years.

According to a report entitled Home Truths, published today by the National Housing Federation (NHF), average house prices could soon top £300,000, dashing the hopes of millions of potential first-time buyers.

The current UK house price inflation rate stands at 9.9 per cent for 2007, according to latest results from Nationwide.

Home Truths, which used research conducted by Oxford Economics, provided a searing assessment of the current housing situation in the UK as “distorted” and “dysfunctional”: citing statistics showing that the average house price represented nearly 11 times average salaries.

The report suggested that the situation will worsen the most in London, with prices distorted by soaring city bonuses and an influx of the international super-rich: a full £150,000 price rise in the average home was predicted, taking the average figure to £392,900.

The (NHF) is an umbrella body, representing 1,300 housing associations in the UK.

Tags: umbrella body, Nationwide.Home Truths, cent, city, home

Tags:

Related Entries

  • House prices rise by 9.9%
    • House prices in the UK rose by 9.9 per cent throughout 2006, according to the Halifax bank.A report carried out by the bank shows that price inflation on properties in the country increased during the
  • House prices make Olympic gains
    • London's successful bid for the 2012 Olympic Games has driven house prices up in parts of the city.Since the announcement, three London postcodes, all of which are close to Olympic sites, have seen property prices
  • Average house prices approach £200,000
    • The average price of a house has almost reached the £200,000 mark, according to new figures, but the rate of growth has shown further signs of slowing.According to the Halifax House Price Index, house prices
  • Inheritance tax spreading as house prices rise
    • Inheritance tax, traditionally thought of as the exclusive preserve of the super-rich, is affecting more and more Britons as house prices rise.This is the claim made today by Calculis Ltd, an independent financial advisor.Currently, UK
  • Nationwide house price report shows slowdown
    • Nationwide house price report shows slowdownFurther evidence for a rapidly-cooling house price market comes today, with the release of the monthly report from lenders Nationwide.Seasonally adjusted, house prices made a gain of 0.1 per cent
  • House prices grow again
    • House prices have continued to grow in the UK, according to new figures from Communities and Local Government (CLG).The CLG's house price index highlighted a 1.2 per cent increase in property prices between March and
  • House prices have plunged over last year
    • Over recent months homeowners and industry officials have seen one report after another that has shown how house prices are falling steadily on a month on month basis, and there has already been a significant
  • House price ‘correction’ of 35 per cent expected
    • The affordability of house prices are expected to correct themselves by 35 per cent, according to an economic expert. Firstrung have said that inflation on property, "as a phenonmenon", is over for the present

Speak Your Mind

Tell us what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!