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Allied Surveyors: Property prices up 1-2% in 2008

Tuesday, 11 December 2007 12:00 AM

House prices are set to rise between one and two per cent over the next year, according to predictions from Allied Surveyors.

The organisation expects property price increases to remain positive over the course of 2008, but to moderate from the levels recorded during the last 12 months.

"There will be very little growth in house prices next year with adjustment in certain locations and types of property combined with a decline in the price of one and two bedroom apartments which are currently making up large percentages of city centre property types," said Robert Bryant-Pearson, chief executive of Allied Surveyors.

"We are already beginning to see that decline now. Unfortunately many first-time buyers are finding it harder and more expensive to get mortgages."

However, property at the lower end of the market could see a fall in prices.

"We expect poorer housing stock and former local authority housing to be the most vulnerable," continued Mr Bryant-Pearson.

"While some lenders are predicting little or no overall change in house prices for 2008, this masks the fact that there will be certain sectors that will see a decline while others such as well located family homes in the middle market will continue to enjoy healthy demand."

The organisation has also predicted interest rates will fall further during 2008, following the Bank of England's decision to cut rates to 5.5 per cent last week.

"I think the new year will be a great time for buyers to capitalise on a weaker market: the recent cut in interest rates with more to come will ease the pain of mortgage costs for the vast majority," concluded Mr Bryant-Pearson.

For more property price predictions for 2008 take a look at the aboutproperty.co.uk guide.

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