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House prices to cool in four years

26th August 2004 | back to article listings BACK    print this article PRINT

Sanity will return to the housing market with the North/South divide closing over the next four-and-a-half years, according to new industry predictions.

The forecasts come from 'Your Mortgage' magazine, a monthly independent consumer guide to the home buying process.

The predictions for average house price changes in local authorities in England suggest that the vast majority of the country will see rises of between 10-16 per cent to the end of 2008.

Although the biggest rises are expected in the North East and North West, this will be due to the process of these areas catching up with the South East.

"Overall, the forecasts are pretty much in line with general inflation and possibly less than the expected rise in average wage inflation to the end of 2008," said Your Mortgage editor-in-chief Andrew Stuart.

He added: "Our forecasters believe that house price inflation will cool off across the country over the next five years, with small falls in some areas during the second half of 2004."

However, he concluded by saying: "By the end of 2008 prices throughout the whole of England will increase compared to where they are now which confounds those pundits who have predicted a crash."

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