SOUTHAMPTON PROPERTY PRICES SET TO RISE BY 30% OVER THE NEXT 5 YEARS?

The Office of Budget Responsibility (OBR)  has revised upwards its forecast for residential property price growth in the UK in the next five years from 27% to 30.8%. The OPR anticipates 8.6% growth in 2014 / 2015; 7.4% in 2015 / 2016; 4.3% in 2016 / 2017 and 3.75% for each of the following two years.

So will Southampton property prices out perform or under perform this prediction. Well its a brave man who can predict the future, in Southampton we are certainly seeing increased demand for housing which has led to an increase in prices and the various Government backed schemes have certainly kick started the market. However levels of supply, interest rates, wage growth and the general economic recovery will also have an impact on price growth. And don't forget that certain property types and locations will also outperform the market. So if you need more detail on the numbers drop in for a chat or give me a call.