The year ahead: What does 2014 hold for the housing market?

After property growth throughout 2013, much of the same is expected in the coming year, according to a new report from Select Property

Property growth in 2014 is expected to continue at a similar pace to that experienced in 2013, according to a new report from Select Property.

The report looks at what occurred in the housing market in 2013 and predicts what 2014 could mean for people interested in buying, selling and investing.

London experienced an increase of 11.6% last year and further growth of 8% is predicted for the coming 12 months.

Data from the Office for National Statistics showed that property prices rose by 5.4% in November 2013, compared to the previous year, a sign of genuine growth in the housing market.
 
Demand in the housing market continues to “outstrip supply” according to Chancellor George Osborne, as only 125,000 properties were built in 2012-13 – compared to 357,000 in 1969-70.

With population increases expected for at least the next decade, the total population is predicted to surpass 70m by 2027, increasing the demand for property even further.

Increased demand stands to boosts property prices while the continuation of the Help to Buy scheme – announced by the chancellor in the 2014 Budget – is also expected to drive growth this year.

Both Knight Frank and The Royal Institute of Chartered Surveyors have said that price rises are guaranteed, with the only question mark being by how much they rise.

The report also stated that a strong buy-to-let rental market and an increase in student numbers will also increase demand for quality student accommodation in the year ahead, boosting potential investment options.

To read the full report, please visit http://www.selectproperty.com/ukproperty/