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UK home price 'up £1,000 a month' | UK home price 'up £1,000 a month' |
(1 day later) | |
Britain's housing boom will continue in 2007, with average prices rising by £1,000 a month, a report by a leading think-tank suggests. | Britain's housing boom will continue in 2007, with average prices rising by £1,000 a month, a report by a leading think-tank suggests. |
The Centre for Economics and Business Research (CEBR) said it saw no evidence that increased interest rates would hit the cost of homes. | The Centre for Economics and Business Research (CEBR) said it saw no evidence that increased interest rates would hit the cost of homes. |
House prices will increase by 7.6%, the CEBR told The Observer newspaper. | House prices will increase by 7.6%, the CEBR told The Observer newspaper. |
However, slower growth is predicted in 2008 and 2009 before acceleration again in 2010. | However, slower growth is predicted in 2008 and 2009 before acceleration again in 2010. |
'Shortages' | 'Shortages' |
There have been warnings that a string of UK interest rate rises - including a shock January hike from 5% to 5.25% - would cool the market. | There have been warnings that a string of UK interest rate rises - including a shock January hike from 5% to 5.25% - would cool the market. |
The CEBR does not share the fears from some experts that there will be a correction in house prices of between 15% and 20%. | The CEBR does not share the fears from some experts that there will be a correction in house prices of between 15% and 20%. |
"The underlying fundamentals of the housing market continue to support prices," John Ward, one of the report's authors, said. | "The underlying fundamentals of the housing market continue to support prices," John Ward, one of the report's authors, said. |
"Even though interest rates may act as a dampener on the market people are spending considerably less of their incomes on mortgages than in the early 1990s. | |
"Furthermore, in many parts of the country, shortages remain acute." | "Furthermore, in many parts of the country, shortages remain acute." |
The average UK house price was £187,000 and was likely to be £225,000 by 2010, the CEBR said. | The average UK house price was £187,000 and was likely to be £225,000 by 2010, the CEBR said. |
Recent research showed homeowners in Northern Ireland were 2006's biggest property winners, with towns in the region seeing the largest house price hikes across the UK. | Recent research showed homeowners in Northern Ireland were 2006's biggest property winners, with towns in the region seeing the largest house price hikes across the UK. |
The survey from Halifax Estate Agents also found London and the south east of England registered strong price growth, buoyed by high City bonuses and a shortage of housing supply. | The survey from Halifax Estate Agents also found London and the south east of England registered strong price growth, buoyed by high City bonuses and a shortage of housing supply. |
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