6
Nov
Residential property "will continue" recovery
The recent recovery in property prices "will continue into the long
run", according to a report by Cluttons.
A residential forecast from the international property consultant
and chartered surveyor predicts that house values will increase by
up to two per cent next year in its best-case scenario.
However, its worst-case scenario forecasts a potential drop of as
much as five per cent across the country in 2010.
Long-term predictions are largely positive, with the company
forecasting continuous growth of approximately three to four per
cent per year from 2011 until 2014.
Stock levels in the property sector are expected to experience slow
growth next year as sellers return to the market.
Andrew Stanford, head of Cluttons' residential professional
division, said: "We expect stock to increase in 2010, but with
vendors' pricing expectations still high, this may leave optimistic
buyers frustrated."
Research released by Aviva in November revealed that homeowners
attach emotional added value (EAV) to their properties. The company
calculated the average EAV to be £26,880.
