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UK property market will adapt to new reality throughout 2013
December 26, 2012
The UK’s National Association of Estate Agents (NAEA)
made its predictions for the UK property market over the next 12 months. According to NAEA chief executive Mark Hayward, 2013 will see the UK property market adapt to the turbulence of the past year and begin to stabilise. He cautioned against speculators predicting price surges, particularly in the South East, suggesting the biggest challenge in 2013 is for the market to adapt to the reality of the economic situation.
“I don’t believe we will see a surge in house prices during 2013 as some speculators have suggested,” says Hayward. “The market will continue to recover from historic lows since the recession, but that recovery will be slow and painful for many homeowners, particularly those outside London and the South East.”
“In 2013 our big challenge is to improve the level of housing supply in the UK; much more needs to be done by Government to up the levels of new homes being built. More also needs to be done to support first time buyers, partly by encouraging lenders to offer products to support those seeking to purchase their first home. Transactions will likely remain suppressed at this lower end of the market as many prospective buyers do not yet have the confidence to borrow.”