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Tuesday, October 14, 2014

Property forecast to go up by 30%

The crystal ball is out again. This time, Rightmove and economic forecast agency Oxford Economic are peering into the future.

They predict great fortunes, with average house price increasing by 30% over the next five years.

Regionally the south will perform best London predicted to rise by 33%, the south-east by 37%, whilst the North West sees the smallest rise of 24%.

These predictions have been described as 'the most comprehensive house price forecast of its kind ever created,' with data from both asking prices, sold prices and surveyor valuations being thrown into the mix.

Miles Shipside, Rightmove director and housing market analyst comments:

“Alongside the publication of the Rightmove monthly House Price Index which is based on new seller asking prices, we have unique access to other sources of property data from surveyors and property transaction prices at a very local level. This has enabled us to work with Oxford Economics to create a unique forecast that can be used as a guide by a number of businesses."

“Understanding the path of future house price growth is a key element of UK economic strategy and decision making, and our data driven forecasts contain insight not previously available from other commentators or the Government’s own forecasts produced by the Office for Budget Responsibility.”

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