The CEBR's latest predictions, (published 26th October) has annual house price growth for 2015 at 5.6%, up from June's prediction of 4.7%.
They predict growth in 2016 to be 3.5%, followed by 4.2% growth in 2017.
Lack of supply are cited as the main reason for the heightened figure.
The main author of the report, Nina Skero reflects -
“a reduction in the number of properties being put on the market has placed further upward pressure on house prices in some parts of the UK. This is a result of low levels of housebuilding, but also other factors such as an ageing population and the rising cost of moving up the property ladder.
The price gap between a first-time home and a larger family home has skyrocketed in some regions, such as London, curbing activity in the housing market. For many, the rungs of the property ladder are moving further apart, making it impossible to upsize”.
The price gap between a first-time home and a larger family home has skyrocketed in some regions, such as London, curbing activity in the housing market. For many, the rungs of the property ladder are moving further apart, making it impossible to upsize”.
Read the full CEBR house price report for October 2015
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