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House Price growth won’t recover till 2012
UK residential property prices are expected to be flat for the rest of the year with no real growth until 2012, according to a five-year growth prediction from property consultants.
Despite the recent fall in house prices and upcoming government cuts, consultant firm Jones Lang LaSalle said that the economic figures were “proving better than expected” and would help “boost confidence.”
Figures earlier this week revealed the pace of economic growth in the third quarter was at 0.8%, twice the expected 0.4% predicted by many economists, and surpassed all expectations.
Looking ahead, Jones Lang Lasalle is predicting significant growth in house prices in 2012.
A spokesperson for the firm said: “Prices are forecast to move towards the long term average rate of about 7%.”