The property price boom of 2013 isn’t set to slow down any time soon, with similarly positive results expected this year, aboutmyarea.co.uk reports.
After a five year lull in which economic uncertainty prompted a decline in house prices, 2013 saw fortunes well and truly reversed. So notable was the rise that many feared it could bring about a second property bubble – as well as all the potential risks it would bring.
Now, analysts have claimed that the 2013 growth was not a short term result and that similar fortunes are expected long into 2014, or even beyond.
Research from Hometrack found that around 75 per cent of UK properties saw their value increase over the past 12 months. The average price rise was 4.4 per cent, which proved to be a marked improvement on the 0.3 per cent fall witnessed during 2012. Back then, it was only 20 per cent of homes which saw their value rise.
With demand for properties set to rise further still, property investments will appear much more stable and therefore drive values higher still.
Explaining the situation, director of research at Hometrack, Richard Donnell, told propertywire.com how supply and demand disparities would continue to drive the 2013 momentum well into 2014.
He added that further price rises could still be expected from the “pent-up” demand of those waiting for the right time to make their first purchase.