House prices to fall in 2015

House prices are expected to fall in 2015 according to the Centre for Economics and Business Research (CEBR) in research published on Monday.

After an average increase in 2014 of approaching 8% next year house prices are expected to fall by 0.8% as higher interest rates start to bite.  Recently, the Nationwide BS announced a fall in house prices in September, the first fall in 17 months.

Factors that are seen to contribute to the potential fall are tightening mortgage lending criteria and affordability issues at the top end of the housing market as well as rising interest rates.

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