U.K. House Prices Climb as Rightmove Doubles Forecast: Economy – Bloomberg 07-15-13

Salient to Investors:

Rightmove  said UK home prices will climb 4 percent in 2013  as sellers raised asking prices for a seventh month to a record in July. Miles Shipside at Rightmove said a combination of apparent economic stability internationally and some signs of an economic upturn nationally mean more home movers are willing and able to increase their financial commitments. Rightmove said average prices in England and Wales rose 4.8 percent in July from a year earlier, 12 percent in London.

The Ernst & Young Item Club said UK GDP will rise 1.1 percent in 2013, up from an April forecast of 0.6 percent, 2.2 percent in 2014, and 2.6 percent in 2015. Peter Spencer at The Item Club said spending on the high street is holding up nicely, housing-market transactions are beginning to gather pace and the global economy appears to be on the mend, though UK export markets remain weak and the near-term prospects for a rebalancing are poor.

Halifax said 52 percent of survey respondents predicted prices will advance while 12 percent expect price decreases.

Read the full article at  http://www.bloomberg.com/news/2013-07-14/u-k-house-prices-rise-to-record-as-rightmove-doubles-forecast.html

Click here to receive free and immediate email alerts of the latest forecasts.