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Property prices to grow by 5% per year

Sue Woodall comments on the Royal Institution of Chartered Surveyors’ (Rics) recent statement that Rics now believe property prices are expected to grow by 5% per year over the next five years – a lowering of their expectations for predicted price rises over the coming years.

As stated in the recent BBC report, Simon Rubinsohn who is the chief economist at Rics stated that “lack of supply, higher prices, more prudent lending measures and some of the talk from the Bank of England are creating a level of caution among sellers and buyers.”

However, the report continued on to state, “prices have risen in most parts of the country in recent months, with London showing double-digit annual growth in property prices.”

Sue Woodall, Head of Astle Paterson’s Conveyancing Department, “At Astle Paterson we have seen a steady increase in buying and selling houses over the past 2 years.    Whilst Rics’ recent prediction on the increase in house prices is slightly less than it previously thought, given that banks are failing to give good rates of interest for savers, property appears to continue to represent a good return for investors.  We do not believe the levels of transactions will fall away over the coming few years.

At Astle Paterson we pride ourselves on the level of service we provide to all of our conveyancing clients – you can rest assured that our experience (Sue has 35 years of legal experience) and approachable manner will ensure that your sale and/or purchase of your property will proceed in the most efficient manner.”

Should you be in the process of buying and/or selling a house then please contact Astle Paterson’s Conveyancing team on either 01283 531366 or by email at conveyancing@astlepaterson.co.uk and we will be happy to assist.

Please click to read the BBC Report: “Signs of caution in housing market, surveyors say”

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