Rents predicted to go up by 4%
HOUSE prices in the UK will see an increase of two per cent over the course of this year while the cost of renting a home should rise by around four per cent, predicts the Royal Institution of Chartered Surveyors.
Challenging times still lie ahead for the nation's economy, it saya, but suggests 2013 may see some slight improvements reflected in the housing market.
In addition to rising prices, the number of transactions will also see a further increase, moving up by more than three percent to 960,000 (from 930,000 in 2012), representing an improvement but falling significantly lower than total sales in 2006 which were well above at 1.67 million.
Estimates also state that up to a quarter of loans taken out at the height of the market in 2007 are now in negative equity, with the recent trend in repossessions looking set to continue. However, with the number of possession claims and mortgages currently more than three months in arrears falling, the number of repossessions should dip below 35,000 for the first time since 2007. Simon Rubinsohn, RICS chief economist, said: "The average house price in the UK looks set to rise by a further two per cent next year, despite the uncertain outlook for the economy."
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