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Will House Prices Continue to Go Up asks Lawrenson of Letting Focus

A report by the National Housing and Planning Advice Unit (NHPAU) estimates that despite government plans to build 240,000 new homes per year, house prices will reach nine times average earnings by the year 2020.
This is way up on the current figure of around seven times earnings - with wide variations nationally.
The report also said that properties in the southeast, southwest and east of England could become even more expensive compared to local salaries than those in London.
This will be due, they said to the fact that whilst “lots of jobs are being created in London, an increasing number of people are choosing to live outside the capital and commute in from surrounding areas, thus further driving up house prices across the south of England.”

Not a House Builders Lobby
This is worth taking note of because the NHPAU is not a house builders’ body. It was set up by the government last year in response to a recommendation in the housing supply review that found that, house-building rates halved while demand for new homes rose by a third over the last 30 years.
In my view, as long as you avoid flats those cities in the north which are clearly oversupplied with apartments right now, you will do OK buying property now over the long term.
If you are a first time buyer or an investor in the South, I would use the current weakness to buy property.

The Truth About Property
Finally, at last! A decent programme on the property market! Congratulations to the team who made “The Truth about Property”
It is sensible, balanced, well researched and thoughtful. The only minor criticism is that they have overlooked the affect of inward migration and inter-regional migration on the market. These are both huge factors in rising rents and house prices. But, still well done for a good programme!

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At LettingFocus.com, we are the landlords’ expert and I’m David Lawrenson, the author of “Successful Property Letting” - the UK’s top selling property investors and buy to let book for the last 3 years.
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As such I am able to give unbiased independent advice on where to buy (which areas), what type of property to buy, when to buy and how to buy property at a low price. I can also explain how to reduce the risk of getting a bad tenant.

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Related Article: If you are an investor who does not want to give up the day job, then read this: http://www.lettingfocus.com/pages/myarticles2.html

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