Economists have predicted that house prices will rise by 14 percent in the next 4 years to reach a record high. This is the strongest sign yet that the property downturn is over meaning that the average British home will be worth more than £200,700 in 2015 compared to the current value of £176,000. This is welcome news to Redferns Removals as it shows that the property market is becoming active again and that can only be good for removals companies.
According to the centre for Economics and Business research rising demand coupled with a lack of supply will cause the increase in prices. An increase in the availability of mortgages will also contribute to values rising as there will be more buyers competing for a limited number of houses.
Prices have already risen by 2.3 percent since January according to the Daily Express.
In further good news the think-tank predicted that interest rates would stay below two percent until at least 2015, meaning mortgage payments will not rise substantially.
Financial expert Jasmine Birtles, of Moneymagpie.com said: “This is finally some good news amid a lot of recent bad economic news.”
Due to this removals companies will be back on track and well on their way to business once more along with home owners many of whom have battled with negative equity since the start of the recession