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Cebr forecasts buoyant property market

The Centre for Economics and Business Research (Cebr) has today issued a statement suggesting that the average property price will increase by around £9,000 in 2010. This would be a 5% increase on last year and see the average home in UK costing around £178,500. The Cebr is also forecasting 3.4% growth in property prices in 2011 and 9% growth in 2012.

This is a very interesting and a very positive statement on the UK property sector and is by enlarge a reflection of what many believe will be improved economic growth in the future. There is no doubt that without an economic recovery will see little or no movement in the UK property market therefore by definition this report is suggesting stronger economic growth than many have predicted.

It seems almost certain that UK base rates will remain at or around 0.5% for the foreseeable future and if the expected increase in banking liquidity is to happen then we could see a surge in mortgage approvals and property transaction numbers. However, the UK property market is proving difficult to forecast and each new survey seems to give a different angle and a different view on the immediate future.

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