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House Prices Likely to Go Up Further

Tue, 14 Feb 2006
House prices are likely to rise in 2006 according to nearly 70% of mortgage brokers.

Research by UCB Home Loans, part of Nationwide, shows that 65% of mortgage brokers predict house price rises in 2006.

31% of mortgage brokers interviewed states that house prices are going to remain largely stable in 2006, with 4% predicting house price falls.

More house buyers are going enter the market this year. Over half of brokers state that they expect a rise in activity, with 16% expecting buyer activity to slump.

Overall, things look rosy.

Brokers see the housing market doing pretty well in 2006.

Nationwide's latest house price index shows a 1.4% increase in house prices in January, with the average UK residential property value standing at £158,478.

Nonetheless, house price growth is unlikely to be sustained throughout 2006, due to poor consumer confidence and there is a slim chance of interest rates being cut.

The study of 1,500 brokers finds that most consider interest rates will be frozen throughout 2006.

Nearly 50% cent of brokers predict stable rates, with 43% predicting a rate cut and only 9% forecasting a rise.
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