House prices to fall next year after a bumper 12 months as economists predict 2015 will be a ‘turning point’ for the property market
House prices will dip by 0.8 per cent next year according to the Centre for Economics and Business Research, which has predicted 2015 will be a ‘turning point’ for runaway property prices.
It forecasts that, by the end of 2014, values will have grown 7.8 per cent – the biggest leap since 2007. But next year will see the first contraction since 2011, it believes.
If prices did fall by 0.8 per cent next year, it would wipe an average of £2,176 off the average home, based on the latest Office for National statistics figures.