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House prices to rocket over next five years
The National Housing Federation (NHF) has predicted that house prices will soar over the next five years.
Prices are expected to rise by nearly a quarter, with the average value of a home is set to reach £275,000 by 2013.
As usual, properties in the South East are expected to see the biggest increases, with the average home there set to be worth £365,000. A London home in predicted to shoot up by 15 per cent to £410,000.
The NHF’s findings show that while the supply of new housing has fallen dramatically, demand is still growing.
David Orr, chief executive of the NHF said: “Our report shows that despite concerns about the current housing market downturn, house prices will increase substantially over the mid to long term.
“Demand for housing is going up, while the supply of new homes is going down.
“This means that as soon as the economic outlook improves house prices will resume their previous upward trajectory,” Mr Orr went on to say.
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