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UK Property Market Predictions For 2015

UK Property Market Predictions For 2015

What Will Happen To
The UK Property Market In 2015?

Happy New Year to all our readers, and welcome to the usual confusion over what the year ahead will bring for the UK property market.

Property prices are still predicted to rise in 2015, albeit at a much slower pace than in 2014, with economists and property experts providing forecasts ranging from 3% to 5% property price growth.

However, there are a few events that might affect the UK property market in 2015, namely the general election that will be held in May and the growing probability of Bank of England (BoE) raising the base interest rate.

Regarding the general election, it all could depend which party wins or what coalition combination is named to form the Government, after Labour recently confirmed that they would introduce a mansion tax if they come to power. Meaning that the changes to Stamp Duty that were announced in the 2014 Autumn budget would be negated if Labour win.

Less clear is what will happen with Bank of England interest rates. It had been predicted that a small rise, either by a quarter to half of a percent, was going to be introduced before the end of 2014, but that didn’t happen. Then it was going to be early 2015 but that is now also looking very unlikely.

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A Channel 4 TV programme is set to reveal the scandal of over 1 Million empty residential properties in the UK

There are 2 Million people on housing waiting lists – and yet 1 Million properties are still remain empty or uninhabitable.

Along with landlords from hell, the empty property debacle is one of the issues being aired in Channel 4’s new ‘Great British Property Scandal’ season which starts on TV tonight.

Tackling the 1 Million empty residential properties across the UK is one of the top priorities of the Government’s new housing strategy and a key feature in the drive to increase the provision of affordable housing.

Channel 4’s decision to address the nation’s housing shortage in a season of four programmes this week seems prescient, coming hard on the heels of divisive Government housing initiatives – in particular, the drive to restart council house sell-offs

As yet there has been no mention of agents or individuals in any of the publicity material released by the television company, but the series does promise to be uncomfortable viewing for many UK landlords.

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