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Rightmove Doubles UK Property Values Forecast As Property Prices Increase Again

Rightmove Doubles UK Property Values Forecast As Property Prices Increase Again

UK property values increase for seventh month in a row

UK property values have reached a new five year high, according to property portal, Rightmove, who revised their forecast of UK residential property values, and now reckon that residential property prices will increase to double their previous property value forecast for 2013.

As Spotlight reported last week, residential property values have already increased by 0.3% to average £253,658 (GBP), and now Rightmove reckon property values will now climb by up to 4% this year instead of the 2% previously predicted. However, it wasn’t good news for the whole country as residential property prices in London remained unchanged, holding at a record average of £515,379 (GBP).

The economic incentives introduced by the Government and the Bank of England (BoE) to increase overall lending and credit supply has boosted the demand for residential property ownership from first time buyers.

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