17 Feb

House prices 'expected to increase in 2012'

House prices 'expected to increase in 2012'

The British property market is expected to see a strong upswing in prices in 2012, according to one firm of industry experts.

Predictions released by global property company Jones Lang LaSalle stated that the sector will remain flat and probably fall over the next two years.

However, the organisation added that it believes this will put the UK property market in a stronger position in the long run, allowing it to move back towards the conditions seen before the global financial crisis in 2012.

James Thomas, head of residential development and investment at the firm, commented: "The short-term outlook for house prices is relatively uncertain at present, principally because prices have recovered earlier and stronger than expected given the economic and financial backdrop."

He pointed out that although Jones Lang LaSalle is anticipating property price falls of up to five per cent this year; this figure has been revised up from previous estimates.

Research released by Rightmove in February revealed that, on average, vendors were asking 3.2 per cent more for their homes in January compared with December.ADNFCR-1222-ID-19621527-ADNFCR

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