Savills predict house prices will drop
Published ¤ 12/08/2010 13:40:09
UK house prices are thought to be on the cusp of further falls, according to the latest residential property research from Savills.
While the predicted drop is not expected to see house prices fall back to the lows seen at the height of the recent house price crash, much of what the property adviser calls 'the unsustainable price rises of the last 15 months' could be lost.
Savills expects the house price growth of the last 18 months to have been lost by the end of 2011, leaving the average house price at levels seen at the end of 2008, 15% lower than their peak.
However, Savills also expect house price growth to resume in the second half of 2012, and return to peak levels in 2014.
The prime markets of London and the South East are expected to lead the recovery and be the first to achieve sustained price growth.
Yolande Barnes, head of residential research at Savills, said "This will not be a repeat of 2008 as some doomsters have suggested, but a necessary short term correction of recent growth which was driven by abnormal market conditions rather than fundamental demand and wealth.
"The market now faces short-term price falls followed by a period of low or zero growth."
Ms Barnes added: "For investors, our mantra is clear: seek out quality and invest for the mid to longer term and you will have little to fear from the market."
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