Home Residential Property House prices to grow 8% next year, but only 6% in London – Rightmove

House prices to grow 8% next year, but only 6% in London – Rightmove

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16th Dec 13 9:15 am

House prices across England and Wales could increase by up to 8% next year, property website Rightmove is forecasting.

That would push the average price of a home over the £250,000 mark, taking the average house price into the 3% stamp duty bracket (which applies to homes sold for £250,000-£300,000).

But interestingly, Rightmove is forecasting that house prices in London will grow by only 6%, compared with the 6-8% it is predicating for houses in England and Wales.

It is usually exploding London house prices that distort national averages. But in this instance it is the South East that will drive up the average in 2014.

Rightmove is saying that South East home values will increase by 10% next year. Rightmove has said the South East growth is due to the “London ripple effect”.

England and Wales house prices increased by 5.4% this year, the property site said.

The average price of a UK home currently stands at £241,455, although that is slightly down on the average price measured in November, due to the typical slowdown in the property market in the run-up to Christmas.

Rightmove is warning that the lack of new housing supply is set to push prices up.

“There’s a listing gap to fill. While sales transactions are up 13% so far in 2013, the number of newly listed properties is only up by 2%,” said Miles Shipside, Rightmove director and housing market analyst.

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