18 Dec

Negative economic factors 'will not outweigh competitive property market'

Negative economic factors 'will not outweigh competitive property market'

The UK property market will continue to grow in 2010, despite a number of negative factors, one industry expert has claimed.

Stuart Law, chief executive at Assetz, stated that house prices are currently rising at an annual rate of 11 per cent.

He explained that if values continue to increase at the same speed that they have done for the past seven to eight months, a rise of this level is achievable within the next four months.

However, Mr Law continued that this growth is expected to slow during 2010.

He added that, despite negative influences such as high unemployment and probable interest rate rises, the housing market will continue to perform over the coming 12 months.

"The negative factors that can be foreseen are unlikely to outweigh the fundamentally competitive property in the UK [and] supply is far less than demand," Mr Law stated.

Research released by the Royal Institution for Chartered Surveyors on December 15th found that 35 per cent of its members believe that house prices are rising.ADNFCR-1222-ID-19520497-ADNFCR

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