House prices to keep rising in Lancashire, experts predict

editorial image
Share this article
0
Have your say

House prices in Lancashire rose by four per cent in the last part of 2013, latest figures show.

The average house price is now £148,274, a 24 per cent increase in the last 10 years.

The figures were revealed as part of the Nationwide’s house prices survey, which saw a 
national average rise of 8.4 per cent in 2013.

The Royal Institute of Chartered Surveyors has meanwhile predicted a seven per cent rise in the North West in 2014.

Expectations for continued increases in house prices are at their highest level since July 1999.

RICS members predict some 150,000 new homes will be built across the UK during 2014 – a 20 per cent rise over 2013 levels – although this will be insufficient to meet national demand.

Peter Bolton King, RICS Global Residential Director, commented: “The cost of a house is now picking up right across the country and next year should see more of the same.

“We expect all areas of the country to see prices increase – with London, predictably, recording the biggest rises.

“The improving economic picture aside, this is largely down to the fact that buyer numbers considerably outweigh the amount of homes on the market.

“While the number of new homes being built is now on the rise, it still won’t be anywhere near enough to meet demand.”