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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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New Measures Announced To Boost UK Cashflow

New Measures Announced To Boost UK Cashflow

Sir Mervyn King, Governor of the Bank of England, last week announced further measures to boost the UK’s economic recovery, in his Mansion House speech.

The BoE have launched a Multi-Billion (GBP) initiative to increase the cash flow of some of Britain’s biggest financial institutions.

The Bank’s offer of £5 Billion (GBP) in six-month loans at a rate of only 0.75% has already been entirely taken up by major UK banks and it is understood that they were told to apply by Sir Mervyn himself.

The Governor of the Bank of England does not want the scheme to be seen as another ill conceived emergency measure, instead, he intends the money to be considered as a mainstream source of funding.

It is also widely rumoured that a similar loan process will occur on a monthly basis.

The facility announced by Sir Mervyn King is just one of several measures aimed at boosting the economic recovery and encouraging investment.

The BoE Governor also launched an estimated £80 Billion (GBP) policy with Chancellor of the Exchequer, George Osborne, intended to prevent a second credit crunch in the UK as fears surrounding the impact of the Eurozone debt crisis grow.

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