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 Top forecaster predicts 15% house price hike

 

Thursday, December 21, 2006


House prices will rise by a whacking 15% next year according to top-notch forecaster Lombard Street Research.

The group says that by the end of 2007, the average home will cost almost £220,000 - compared to £100,000 just four years ago. And the recent rate rise will not quell the housing market, they said. A weaker global market is predicted to fix interest rates after one more quarter point rise, keeping momentum in the market alive.

Lombard predicted a 10% rise for 2006, a forecast that looks increasing likely to be accurate in the last few days of the year.

However, the group predict disaster if the spiralling house market is not quelled. If their 2007 forecast turns out to be correct it will be the fourth time in recent years that house prices have experienced a 15% rise in a 12-month period.

Lombard Street Research spokesperson, Diana Choyleva said that if they were right in their forecast there was a real risk of a bubble developing in 2008. The result could be disastrous for first-time buyers who gamble on their homes continuing to rise in value.

 
 
     
     
 

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