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House Prices Predicted To Rise By 10% In The East In 2014…

December 20th 2013
By: Melanie

In 2013 house prices in the East of England have been steadily moving upwards, and it is predicted that prices will increase as much as 10% during 2014. This has been caused by lack of supply and an increase in buyer demand, as finance becomes slightly easier to access.

The Royal Institute of Chartered Surveyors have predicted that the number of housing transaction will increase from 1.05 million this year to 1.2 million in 2014, however this is still much lower than before the global crises hit credit availability in 2008.

One of the main driving factors for the increased property price is the shortage of housing stock available on the market. Property in the East of England remains a popular choice for commuters wanting to be with in a 90 minutes commute to London, as buyers are pushed out of the capital by rocketing house prices. According to the ONS, Office for National Statistics house prices in London increased twice as fast as the UK average until the end of October, with the average property price increasing by 12% compared to 5.5% Nationally.

If you are looking to sell, buy or rent a property in 2014 why not pop into your local branch of Intercounty for a coffee and a chat.