Housing prices to rise 8% in 2014

Housing prices to rise 8% in 2014According to a latest report, the average price of homes in the UK is expected to rise around 8 per cent during the next one year.

The new study by Halifax showed yesterday that the houses will be 14,000 more expensive in 12 months as the prices rose across the United Kingdom. The report also dismissed fears that the UK's housing market is heading towards property bubble.

The company said that the average price of home in the UK stood at175,000, but this is expected to rise much faster than the rise in pay during the next year. Estimates showed that the housing price will rise four and eight per cent next year compared to an expected average rise of 2.5 per cent pay rise. The price of homes will rise between 7,000 and 13,992.

Martin Ellis, housing economist at the Halifax, said: "There are signs that the improvement is becoming more broadly-based with much of the country now recording price rises. We expect the regional pattern to be more even in 2014 with all regions experiencing price gains."