UK Money News
28th July 2008
House prices 'to rise by a quarter in five years'
House prices will rise by 25 per cent in the next five years, it has been predicted.
According to the National Housing Federation's (NHF) new report the recent declines in the sector are set to be reversed by a shortfall in housing supply.
This will drive up the price of the average home to £274,700 over the next half decade, the NHF forecasts.
The undersupply of homes is set to be fuelled by a slowdown in the homebuilding sector, with many construction companies having recently scrapped plans for developments.
However, the next 18 months are set to see conditions in the market continue to worsen, the report said.
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."
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