UK house prices will fall around 19% in the next 18 months, predicts Jones Lang LaSalle. Prices are expected to fall by around 12% this year and a further 6 – 8% in 2009.
Head of residential research at Jones Lang LaSalle Neil Chegwidden believes house prices will return to end-2007 levels in early 2013. ‘We firmly believe that UK house prices will rise strongly following current uncertainties and that the next 18 months should be viewed as a great window of opportunity for those able to take advantage.’
Mr Chegwidden cites the undersupply of housing in the UK and London with the increasing demand from demographic factors as reasons why they believe house prices will recover strongly when conditions permit.
