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Playing Catch-up

All roads lead to the Southeast of England where property markets are expected to soar.

The property price forecasts are circulating, as they always do towards the end of the calendar year, and the opinion appears to be unanimous - the Southeast of England will have the best performing property market over the next 4-5 years, compared to all other regions in the UK including London.

Savills got the ball rolling at the end of August by predicting that the Southeast will rise by 31.6% between 2014 and 2018 with growth this year alone of 12% followed by 17.5% growth over the next four years (15-18). The firm predicts that between the start of this year and the end of 2018, property in the Southeast will rise almost 30% faster than in London, which is expected to more or less be at a standstill between 2016 and 2018.

In early October a new forecast by Rightmove and Oxford Economics predicted price rises of 32% for England and Wales over the next five years (15-19). However, unlike Savills, this forecast expects London prices to rise faster than the national average (by 36%), but again the expectations for the Southeast were highest, with 40% price growth expected. The North East was predicted to be the slowest riser but will still go up by 25%.

The forecast was based on property and economic data rather than on opinion and short-term market factors. Rightmove reported: 'It takes into account both asking and sold prices, surveyor valuations and analytics from the Oxford Economics' Global, Industry and Regional forecasting models.'

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