House price rises in 2015 to be ‘more moderate’

Halifax has said that it experts UK house prices to rise by a ‘more moderate’ 3%-5% in the next year.

Britain’s largest mortgage lender puts this down to the general election, which is likely to cause a lull in activity in the early part of 2015. The prospect of higher interest rates is also likely to diminish demand.

Halifax is anticipating that UK property prices at the end of this year will be up around 8%, with annual price inflation having peaked at around 10% in July.

Martin Ellis, the Halifax’s housing economist comments: “A further moderation in house price growth is likely in 2015 as supply and demand become increasingly better balanced.

“Overall, house prices nationally are expected to increase in a range of 3% to 5% in 2015.”

The market will be further helped by continued economic recovery, employment growth and low mortgage rates.

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