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UK House Prices to Rise by Year’s End

House made of British PoundsPeople who have waited this long to buy a house may have waited too long to miss extremely low prices. In fact, reports clearly show that house prices are likely to rise by 16 percent by the end of 2015. This news comes out as a separate report was released that suggested that most young couples are looking to rent a home instead of buying one.

A four-year recovery in the housing market is more than likely finally going to kick in this year, according to the Center for Economic and Business Research. In fact, Douglas McWilliams, who is the chief executive of the Center for Economic and Business Research, said that the market was close to the bottom for the UK as a whole.

Overall, most people may not be noticing that the housing industry is about to take off. That is because property values in the UK are going to continue to fall for the last part of 2011. In fact, at the end of this year property values should be 1.4 percent lower than what they were at the start of the year.

However, the Center for Economic and Business Research shows that this is giving people false hope that it is going to stay this way for a long time, when in fact lowering property values are about to come to an end. By the end of this year, the market is going to stabilize and will start to increase by next year. Overall, the last few months of this year could be the last chance that people have to buy a home at a low price.

As said earlier, another study has shown that there is a new generation of “renters” that is entering the marketplace. These people are giving up on buying a house altogether because of fears of large mortgage deposits. Reports say that about 77 percent of all non-homeowners still plan on buying their own home at some point. 64 percent of people, on the other hand, have said that they have no prospect of ever doing so.

This study went on to show that most people have no plans of buying a house, because they did not believe that banks would lend to them. This is something that deterred some 84 percent of people. On top off that, 92 percent of people said that they believed that it was very hard for first time buyers to ever get a mortgage in the first place.

The survey that found these stats out involved some 8,000 people. The people who were surveyed were between the ages of 24 and 45. Overall, it would seem that nearly half of the people that took the survey think that Britain is becoming much like Europe, meaning that renting is more the norm than buying a home.



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