With the UK economy now technically out of recession and growing signs that mortgage lending condition are improving, confidence in property price prospects is generally strengthening.
Just over a third of people surveyed by the Halifax recently forecast that the average UK home
price will rise over the next year, while a fifth predict they will fall. But whatever happens to values, most people agree that any over property price change over the next twelve months is likely to be marginal, with stark regional differences expected to continue to dominate the market in the UK.
ONS figures reveal that UK house prices increased by an average of 1.7% in the 12 months to September. But looking ahead, six years on from the credit crunch, what do the experts think
will happen to the market across the country in 2013?
Home Counties
James Wyatt, of Barton Wyatt in Virginia Water, said: "The UK will remain a magnet for international buyers, and not just in London. Generally those areas in the Home Counties which are 20 to 30 miles from central London will continue to be targeted."
Mark Jamieson, head of Strutt & Parker's Guildford office, commented: "We are heading into 2013 with increased viewing numbers, while the number of new applicants registering with us is also up. This has lifted estate agents' spirits and vendor and purchasers' moods have lightened. There is a general murmur in the market place that there may never be a better time to move to the country in terms of value for money, and I believe next year we will see even more families flocking to commuter belt areas within the Home Counties."
Yorkshire
Tim Morgan, director of property investment business Emerging Real Estate, said:
"Yorkshire's healthy spread of industry and services means that the region is sustaining its local economy and population - and underpinning the residential property market - better than those areas that are overreliant on sectors badly affected by the downturn."
Lucian Cook, research director at Savills, commented: "There have been wide geographical differences in the performance of the housing market in the past five years, a trend which is mirrored across Yorkshire. The overall legacy of the credit crunch continues to shape the market - constrained lending conditions, a slow economic recovery and customer sentiment all continue to be key drivers.
"Across Yorkshire, we are forecasting a mainstream growth of 5.5% until 2017. However, we would expect those equity rich markets like York, Harrogate and the Leeds suburbs to outperform more mortgage reliant markets such as Hull, Bradford and Doncaster. Likewise, the popular villages such as those in the Howardian Hills, around York, Leeds and closer to Harrogate will also continue to fare better than others in less sought after locations."