Monday, November 9, 2009
Savills Forecasts a 6.6% Fall in House Prices
According to experts at Savills, a British UK estate agency, house prices in the country might see another decline next year as a result of increased property supply and decreased demand from cash-rich buyers. Savills expects up to 6.6% fall in house prices to be registered by mid-summer 2010, with larger declines in the North than in the South that can easily be explained by already existing differences in London property and the Midlands property. As for more long-term perspectives, Savills property experts believe that house prices will stabilise and grow by 2011, with faster progress seen in the South rather than in the North. In the time period between 2012 and 2015 house prices are expected to skyrocket by as much as 27% as a consequence of continuous shortage of property supply.