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Hamptons: Prices to rise 3-4% in 2008

Tuesday, 11 December 2007 12:00 AM

Property prices in the UK are set to increase by between three and four per cent during 2008.

That is according to new forecasts from estate agents Hamptons International, which also predict sales volumes will fall from their long-run average by eight per cent.

"There has been much speculation about the economic fundamentals that drive the property sector getting worse over the next 12 months. For example, an increase in inflation, stock market sliding, rise in unemployment and economic growth diminishing," said a report from Hamptons.

"This speculation has already affected buyer confidence, but we would predict that property market confidence will pick up as we move into the second half of the year."

The slowdown in the early part of the year will be partially caused by the introduction of home information packs (Hips), which become compulsory for all properties on December 14th.

"The extension of Hips to cover all properties and the need for the Hip to be ordered prior to marketing may lead to some delays in properties being placed for sale earlier in the year," explained the Hamptons report.

However prices increases will remain positive, as supply remains insufficient to meet demand.

"For vendors, in spite of the negative speculation, there are still more buyers than properties to sell and if a property is realistically priced, it should certainly sell without too much trouble," continued Hamptons.

In London the market is expected to return to equilibrium after a period of frenetic demand and severely limited supply - which has seen prices increase by around 40 per cent in some areas over the last two years.

Hamptons expect a ten per cent increase in the number of properties coming up for sale in the capital and growth of around four per cent in prices during 2008, in line with the majority of the UK.

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

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