House prices ‘will go up 5% in 2010’

House prices will rise in 2010 by at least five per cent, estate agency haart has predicted.

Managing director Russell Jervis said it is “unlikely” there will be any drop in October or November this year either, although December may show a fluctuation as it is an unusual month because of Christmas.

He stated that next year London in particular is likely to see prices rising, with ten people chasing each available home in some parts of the capital at present.

The expert also suggested the number of people buying a home will rise, something that could come with an enhanced mortgage supply.

“If more sellers gain confidence in the New Year we should see levels rising, maybe not to previous levels, but [to] a constant housing market with steady growth,” Mr Jervis remarked.

Recent house price surveys have indicated that values are on the rise.

Land Registry figures for September showed a 0.9 per cent increase in prices, while October’s Nationwide figures indicated a 0.4 per cent jump.

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