Property prices in UK could rise by 5% next year
A rise of 5% could be seen in property prices next year as increased lending boosts the housing market, according to experts.
Mortgage Comparison site realpricecomaparison.com said that the 5% increase was 'possible' thanks to increased competition in the mortgage market that was increasing the supply of available housing.
These figures, coupled with the current stamp duty holiday and evidence from all sectors that the market is improving, suggest now is an ideal time to invest in UK property. Even the market in Northern Ireland, which suffered considerably in the past couple of years, is seeing green shoots of recovery.
Francis Ghiloni, commercial director at realpricecomparison.com, said: "Prices have come crashing down over the last 18 months or more and for those people who have been saving and biding their time; this is starting to look like a better opportunity."
He added that it is slowly becoming easier for first-time buyers to make it onto the property ladder.
The latest reports from the Council of Mortgage Lenders reveal that gross mortgage lending increased 5% in October 2009.
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