Long wait ahead for price re­cov­ery

Yorkshire Post - Property - - PROPERTY -

UK house prices will not re­gain their 2007 peak un­til 2019, say Knight Frank.

They say that al­though hous­ing transactions will edge up by two per cent next year, sales will re­main at well be­low peak lev­els for the rest of this decade. Gráinne Gil­more, Knight Frank’s head of UK res­i­den­tial re­search, said: “Some five years af­ter the start of the fi­nan­cial cri­sis, the hous­ing sec­tor in the UK still does not bear the hall­marks of a fully func­tion­ing mar­ket. We do not see av­er­age prices reach­ing their 2007 peak again un­til 2019, which would mark the long­est pe­riod be­tween price peaks in more than 60 years. Once in­fla­tion is stripped out, av­er­age UK house prices are un­likely to hit 2007 lev­els again in real terms un­til 2031.”

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