Property in the UK will rise by 8% in 2014

Property in the UK will rise by 8% in 2014

Property prices in the UK may rise by 8% the next year, which is approximately equal to the growth rate of the current year. Such information has Mortgage Agency Halifax, reports ee24.com citing propertywire.com.

By December 2013 the British real estate rose in price by 7%. At the same time the cost of housing is 12% below the peak reached in August 2007. The number of transactions in 2013 was on the third below the average 2006-2007.

Experts note that even if the growth rate of prices in 2014 reach the maximum projected 8%, the average cost of UK property by the end of the year will not exceed ₤188,900 (€226,320) , which is still lower than the price level in August 2007, amounting ₤199,612 (€239,153 ).

This gives an indication of the premature nature of the speculations about the risk of a bubble in the UK property market, experts say.