Jones Lang LaSalle is the latest consultancy to issue its end of year housing market forecast. Like the others it looks beyond a fairly dull 2013 - unlike most of them, however, it anticipates significant growth.
But after inflation this cautiously upbeat forecast look distinctly sluggish. In summary it predicts:
- "accelerated growth" from 2014 onwards;
- by 2017 at the latest UK housing transactions hitting 1m for the first time since 2007;
- 115,000 completions being delivered in 2013, only half of England’s housing requirement;
- mainstream UK house prices up 1% in 2013 and 5% by 2017;
- London and southern England up 8% by 2017;
- rental growth patchy in 2013 but stronger (UK annual average rise 3%) from 2014.
Neil Chegwidden, JLL's residential research director says: “We expect the UK housing market to be in first gear during 2013, but should be ready to change into second gear in 2014.”
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