House prices 'could rise by 5% in 2010'

23-Nov-2009

House prices could rise by five per cent next year, which may prompt first-time buyers to try and get on the property ladder quicker than they had planned.

Commercial director at realpricecomparison.com Francis Ghiloni responded to a recent report from Assetz that suggested property values may continue to rise throughout next year.

Mr Ghiloni explained that the UK has emerged from a period when house prices rose "out of all proportion" to wages, meaning buyers had to stretch their finances.

Since the onset of the recession, values have plummeted, meaning those people who have been saving money and biding their time are now in a better position.

"We are unlikely to see a return to house price booms and a modest five per cent rise in prices next year looks possible," he commented.

Meanwhile, the Council of Mortgage Lenders recently reported that gross home loans lending increased by five per cent during October this year.

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