Predictions for London house prices in 2013
- 13th December 2012
- Selling Property News
Gloomy forecasters got it wrong for 2012 so what does the year ahead hold in store for London's house market?
The Autumn Statement’s news about the poor performance of the UK economy might have led some London homeowners to worry about selling their home in 2013.
ludlowthompson has rounded up some of the leading house price forecasts to see what the experts are predicting for the new year.
- Rightmove is upbeat that 2013 will have a "somewhat brighter outlook", largely underpinned by strong performance in London house prices.
- Halifax predicts that UK house prices will remain flat during 2013 but that London prices will remain strong.
- Nationwide says that house prices will stay flat or decline modestly over the next 12 months.
Stephen Ludlow, Chairman of ludlowthompson, comments: "Most forecasters are predicting a fairly flat market for 2013, but better performance for London.
"This is no doubt based on the very strong performance of the London house market in 2012, which has consistently outperformed the rest of the UK.
"London’s job market continues to act as a magnet, attracting economic migrants from the rest of the UK and from Europe. This continual feed of new demand acts underpins house prices, particularly because of the shortage of new homes being built. High demand from wealth overseas buyers from prime London properties has also pulled up London house prices.
"There are no signs that these trends are abating, which is why the price forecasters are expecting house price growth in the capital."
Most forecasters are predicting a fairly flat market for 2013, but better performance for London.
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