House prices to take eight more years to return to pre-recession levels
Thursday 11 July 2013
House prices could take until 2021 to return to their pre-recession peak in real terms despite a shot in the arm from the Government’s Help to Buy scheme, forecasters warn.
Accountant PwC’s latest economic outlook said average UK house prices could rise above their previous 2007 peak before the end of 2014 in cash terms but take another eight years to regain lost ground when adjusted for inflation. House prices have fallen by around 18 per cent in real terms - but only 3 per cent in cash terms - since their peak in the summer of 2007.
“Recent government initiatives to support the mortgage market seem to be having a positive impact in the short term although longer term supply shortages remain a concern,” the report said.
Following the “clear signs of recovery” for the UK economy in the first half of 2013, PwC expects growth to pick up from around 1 per cent this year to around 2 per cent in 2014.
- 1 Forget 'The Dress': Here are five of the biggest news stories you might have missed
- 2 The black and blue dress: Makers considering a white and gold version
- 3 Prince Harry leaving the armed forced to pursue conservation projects in Africa
- 4 PornHub turns masturbation into energy in bid to save the planet
- 5 The remarkable archaeological underwater discovery that could open up a new chapter in the study of European and British prehistory
Boris Nemtsov shot dead: Outspoken Putin critic who had expressed fears for his life is killed near the Kremlin
Leonard Nimoy dead: Star Trek Spock actor dies after suffering lung disease
PornHub turns masturbation into energy in bid to save the planet
Ukraine crisis: Top Chinese diplomat backs Putin, says West should 'abandon zero-sum mentality'
White and gold or blue and black – what colour is the dress? An eyewitness gives a definitive answer
New theory could prove how life began and disprove God
Half of Ukip voters say they are prejudiced against people of other races
'Cash for access' scandal: Sir Malcolm Rifkind says 'unrealistic' for MPs to live on £67,000 salary
This is what it's like to be dead, according to a guy who died for a bit
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Aqsa Mahmood branded a 'disgrace' by her parents after claims she recruited three UK girls flying to Middle East
iJobs Money & Business
£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...
£30000 - £37000 per annum: Recruitment Genius: Established in 1999, a highly r...
£250-£300 Day Rate: Jemma Gent: Are you a qualified accountant with strong exp...
£230 - £260 Day Rate: Jemma Gent: Do you want to stamp your footprint in histo...