Fore­cast of 7pc growth in prices

Yorkshire Post - Property - - PROPERTY -

THE trans­for­ma­tion of the hous­ing mar­ket in 2013 has been no­table, ac­cord­ing to Knight Frank re­searchers.

Strong price growth might not be jus­ti­fied by mar­ket fun­da­men­tals, but govern­ment sup­port and ris­ing con­fi­dence have boosted short-term price move­ments, the prop­erty firm said.

Global head of res­i­den­tial re­search Liam Bai­ley said: “Prop­erty price growth in 2014 and 2015 will be sub­stan­tially higher than in­fla­tion. Av­er­age UK house prices will rise by seven per cent in 2014 and we will see cu­mu­la­tive growth in UK prices of 24 per cent to the end of 2018.

“Prop­erty prices in prime cen­tral Lon­don will rise by four per cent in 2014, with cu­mu­la­tive growth of 20 per cent by end of 2018.”

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