According to the Cluttons residential forecast in August 2009, UK house prices are predicted to drop 3% in the second half of 2009 and 5% for the whole year.
Housing prices are expected to continue on the downward path in 2010, with average residential values falling an additional 2%. Average house price increases of 1% and 3% are predicted at the national level for 2011 and 2012.
With respect to the Greater London house prices, Cluttons predicts that they will fall at an average rate of -3% in 2009, but rise slightly by 1% in 2010. In 2011 and 2012 Cluttons expects Greater London house prices to increase 3% and 4%, respectively.
Central London house prices are predicted to register the best performance as residential values are expected to remain stable in 2009 and increase by 3%, 5% and 6% in 2010, 2011 and 2012, respectively.
Finally, in terms of housing rents in Central London, Cluttons are predicts that they will drop -9% on average in 2009, but stabilize in 2010 and register increases ranging between 2 and 3% over the period 2011-2013.
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