How much does the average UK home cost?
via Thisismoney UK
In the UK, there are at least three top companies which spew out in-depth reports and forecasts on real estate and housing trends. These are Halifax, Nationwide, and Hometrack. Halifax said that the average home in the UK “rose by 9.9% last year to reach £186,035. They have also predicted a further rise in 2007 of 4%.” Nationwide stated that it “rose by 10.5%, in 2006, to £173,746, and they have forecast a rise of 7% in 2007.” Whereas Hometrack declared that UK homes‘ cost rose by 5.7% last year to £170,100.
Elswhere, the National Association of Estate Agents chief executive Peter Bolton-King predicts that there will be a 5% growth for 2007.
However, The Royal Institution of Chartered Surveyor determine that the prices rose by 8% last year and predicts a further 7% increase for 2007.
This may at some point coincide with reports that UK and the rest of Northern Europe will continue to experience real estate boom. Note, however, that the RICS says that last year housing affordability deteriorated by 14% and a first-time buyer couple would now need to save £32,800 to buy a home.
The bottom line is that experts do not see a double-digit increase on house prices.
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Very interesting data. But as usual the three giants: Halifax, Nationwide, and Hometrack have come up with different results. This is something that needs to be sorted out, since the general public will not know which source to use when making decisions. Also Location needs to be added to the equation to work out house prices since London will be one of the most expensive because of its Location, because of it being on of the biggest financial centres of the world.
Homes in London
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