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Monday, the Center for Economics and Business Research said house prices in the UK are set to rise 2% between the fourth quarter of 2009 and the end of 2010, after easing 3% for the rest of 2009. By the end of this year, total decline in house prices would reach 24% from the peak in the third quarter of 2007.
CEBR economist, Benjamin Williamson said the extent of house price falls already seen means further significant falls are unlikely. Williamson added, "The key question now is the extent to which rising unemployment and weak wage growth will lead to a second wave of house price falls, or whether this has already been built in to existing expectations".
Last week, the Royal Institution of Chartered Surveyors said the average price of a home will be "slightly higher" in the fourth quarter of 2009 than they were in the final three months of 2008. But, the agency said the new prediction of positive house price growth does not indicate a quick return to the boom time as activity remains very weak by historical standards.
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