17
Feb
House prices 'expected to increase in 2012'
The British property market is expected to see a strong upswing in
prices in 2012, according to one firm of industry experts.
Predictions released by global property company Jones Lang LaSalle
stated that the sector will remain flat and probably fall over the
next two years.
However, the organisation added that it believes this will put the
UK property market in a stronger position in the long run, allowing
it to move back towards the conditions seen before the global
financial crisis in 2012.
James Thomas, head of residential development and investment at the
firm, commented: "The short-term outlook for house prices is
relatively uncertain at present, principally because prices have
recovered earlier and stronger than expected given the economic and
financial backdrop."
He pointed out that although Jones Lang LaSalle is anticipating
property price falls of up to five per cent this year; this figure
has been revised up from previous estimates.
Research released by Rightmove in February revealed that, on
average, vendors were asking 3.2 per cent more for their homes in
January compared with December.