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House prices to rise by 25% in 5 years

28/07/2008

The National Housing Federation (NHF) has said prices are expected to continue falling for the next 18 months but will climb by 25 per cent over the next five years.

The NHF said the predicted average house price of £274,700 will come about due to insufficient numbers of new houses on the market.

People worried about negative equity may be interested in the news. However, those looking for their first mortgage may consider the independent research concerning.

Chief executive David Orr said: "Demand for housing is going up, while the supply of new homes is going down."

Around 100,000 new houses are being built every year, the NHF said, a figure which falls short of the 180,000 required to meet demand and government targets.

Reasons for increasing demand for homes include more divorces, later marriages and longer life expectancy, according to Mr Orr, quoted on First Rung.

The south-east will see the highest increase – a 37 per cent rise between 2007 and 2013, the research said.

Many debts unaffected by base rate cut 09/01/2009 - Yesterday, many borrowers welcomed the Bank of England’s base rate 1.5% base rate – an historic low 08/01/2009 - Today’s base rate cut by the Bank of England’s Monetary Gas price cuts expected 07/01/2009 - Energy company Scottish Power has announced the launch of a Personal debt about £1.5 trillion 07/01/2009 - The UK’s personal debt stands at around £1.5 trillion, according