UK house prices 'unlikely to rise dramatically'

Posted: 29 Jan 2010 12:29:40 GMT

House prices in the UK are unlikely to rise dramatically in the immediate future, according to one expert.

Jon Brown, partner relationship manager at iammoving.com, says that while the economy is being repaired and lenders are restoring their faith in mortgage borrowers, Britons are still concerned about economic stability and job security.

Furthermore, he adds that people should learn lessons from the recession and the property price peak that was seen prior to the credit crunch.

"We must see that an increase in property value of this magnitude is simply not a sustainable prospect and we should not attempt to repeat it," he states.

Mr Brown's comments come in response to recent data from Halifax, which revealed that house prices increased by a total of 105 per cent in the last decade.

The average price of a home in the UK in the final quarter of 1999 stood at £81,596, this figure rose to £167,020 by the end of 2009.

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