Thursday, Aug 19, 2010
Jones Lang LaSalle's (JLL) latest residential market forecast
FT: Annual property prices start to slide
Average UK house prices have started to slide with annual growth at 6.6 per cent in August, data from Jones Lang LaSalle's (JLL) latest residential market forecast has shown. Annual growth is down from the peak recorded by JLL in April of 10.5 per cent. In July, the price of a property was £169,347. The figures are based on the index compiled by Oxford Economic Forecasts. During the remainder of 2010, JLL expects a decline of 3.9 per cent on current price levels, reducing the value of the average UK property by £6,500. Looking ahead to 2011, Jones Lang LaSalle expects increased supply and spending cutbacks to mean that price growth for the year will be flat, as the effect of public spending cuts and concerns around employment prospects pushes out the recovery timescale.
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