Analysts forecast UK-wide property to outperform London

, by Mill Group

For the first time in six years analysts predict house prices across the UK to outperform those in London in 2015.

The Centre for Economics and Business Research (CEBR) says it expects UK house prices generally to rise by 1.5% this year, and values in London to fall by 3.6% following “years of over-performance", the first time since 2009.

The dip in London is predicted to not last for long and by next year property values are expected to rise by 2.7% in the capital and 2.3% across the UK.

The CEBR said the London market tends to be particularly affected by the uncertainty of a general election, but that longer term, underlying factors such as economic growth and a lack of housing supply will push prices upwards.

In January, the CEBR said that UK house prices would fall by 0.6% this year but it has revised up its prediction because of stamp duty changes in December which made it cheaper for most homebuyers.

 

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