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Hamptons: Prices up 3% in 2008

Friday, 4 January 2008 12:00 AM

A leading estate agent is predicting house prices in the UK market will increase by three per cent during 2008.

The view goes slightly against market sentiment with the majority of experts predicting either flat prices or a slight fall.

However, the estate agent also predicts transaction numbers will fall by eight per cent on the long-run average during the coming 12 months.

This year may also be the first to experience the full impact of the government's home information pack (Hip) scheme.

Hips were finally introduced to all properties in England and Wales during December, but their arrival has been greeted with scepticism in some quarters.

"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," said a Hamptons International report.

Next year looks promising for buyers, according to Hamptons, with a greater selection of properties coming onto the market, and an increasing supply of credit for mortgages following potential cuts in the base rate of interest.

Despite continued negative press, conditions are also unlikely to be too severe for sellers.

There are still more buyers than properties available ensuring if a property is reasonably priced it "should certainly sell without too much trouble."

Across the country London again leads the way, with growth of four per cent predicted.

Hamptons International points to a slowing of both demand and supply, which has allowed growth to return to more stable levels, after two years in which prices rose between 35 and 40 per cent.

The credit crunch has also made a smaller impact than expected.

"While there is much negative speculation around and no doubt the credit crunch did create an initial 'shock' to the market, we have found buyer confidence is gradually returning and we are hopeful there will be reasonable trading conditions for most of 2008," continued the report.

For more information on this years property prices take a look at aboutproperty.co.uk's guide to 2008's market.

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Hamptons: Prices to rise 3-4% in 2008

Hamptons: Prices to rise 3-4% in 2008

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