Think tank the Centre for Economics and Business Research has trebled its forecast for house price growth this year, saying that supply shortages will force prices to a record high.
The CEBE now expects house prices to grow 4.7% rather than the 1.5% it predicted just four months ago in March.
It is now forecasting that UK house prices will reach a “record” high of £261,000 in 2015.
If they do, that figure will still be less than the latest ONS figure for May, which gives the average UK house price as £286,000.
That’s the trouble with all these forecasts and house price surveys. Who to believe?
Forget these theoretical reckonings why is there a disjoint between ONS stats and land registry stats of about 30%?
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They may go up drastically, but that just means it’s got further to fall when we eventually go into another crash, which isn’t too far away.
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Someone show me ONE forecast they’ve actually got right – whether it was the first or twentieth attempt at it…
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