Property price predictions made

Posted: 02 Jul 2009 11:09:27 GMT

Property prices will "gradually" increase over time, it has been suggested.

Catherine Hearnden, director of the independent financial adviser group MyMortgageDirect, said that there is "only so long" that the British public can be kept from purchasing property.

The current situation also sees people "holding off selling", she explained, which would suggest that slight rises will occur in the future.

Her comments follow the recent publication of Nationwide Building Society's survey on UK house prices, which showed that the average cost of bricks and mortar in June was £156,442.

This represented a 0.9 per cent increase on April's figure and was the third monthly rise in prices since March.

Reflecting on first-time buyers, Ms Hearnden indicated that property prices do not really affect this section of the market - it is gaining access to funds for mortgage finance that they need to worry about.


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