CEBR forecast house price dip in 2015

The Centre for Economics and Business Research (Cebr) predicts house prices will dip in 2015 following this year's sharp rise.

The CEBR propose this year's final house price growth rate will be a hearty 7.8%, doubling last years growth of 3.5%, but believe a small dip in prices will see a fall of 0.8% in 2015. 

The CEBR consider the likelihood of a small interest rate rise will also slow the property market.

Longer term, the CEBR remain relatively confident about house price sustainability, seeing a return to growth by 2016, of 2.6%, followed by approximately 3% growth the years 2017, 2018, 2019, with a step up to 3.4% in 2020.

The CEBR uses Office for National Statistics (ONS) data. 

Scott Corfe, head of macroeconomics at CEBR, said: ''Tougher mortgage eligibility criteria, high deposit requirements and concerns about future rate rises are starting to take the steam out of the UK housing market.''

CEBR property price predictions | Create Infographics

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