18
Dec
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.