Predictions For The UK Property Market In 2014
There are many conflicting predictions for the property market it 2014. The consensus seems to be that house prices will continue to rise in London and the South-East, while the market in the rest of the country will remain fairly stagnant. However, this is not the best news for house buyers.
An increase in house prices sounds like it should be a good thing, but it is likely to cause another property bubble which will eventually burst, leaving the country in yet another economic crisis. The average house price is predicted to smash the 3% stamp duty threshold, which will make moving house unaffordable for the majority of UK families. Increasing house prices will also make it harder for first time buyers to get onto the property ladder. The country may soon find itself in the position that first time buyers are priced out of the market completely causing the whole property market to slow down. A stable property market relies on a market with a majority of first time buyers able to purchase properties, so that first-time homeowners are able to sell their property and upsize.
Overall, predictions for 2014 aren’t all bad, but home owners and first time buyers should be prepared that house prices could fall again before the property market stabilises. Market analysts have predicted that the property market will not reach pre-2007 conditions until 2020.
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