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"Pent-up Demand" to Push UK Property Forward in 2014

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United Kingdom  Bank of England  General Election  IPD  Help to Buy  Sue Bjorkegren 

"Pent-up Demand" to Push UK Property Forward in 2014

By - Thursday 06 February 2014

A degree of easing in the risk averse attitude of UK property investors could see prices in the market rising even faster than has previously been predicted, according to the latest forecast from a market analyst. Sue Bjorkegren, property market analyst at F&C, is quoted in What Investment as saying that this will be the year investors look to take advantage of a property boom while also getting in ahead of a potential cooling when the Bank of England raises interest rates, which could happen earlier than predicted thanks to the fact that unemployment levels are now falling all the time and reaching for the magic figure of seven per cent.

She said that figures from IPD showing overall property price growth in residential and commercial sectors amounting to ten per cent was a strong indicator of how the market will perform this year. Ms Bjorkegren added that many of those who were too cautious to spend in 2013 as they waited to see how the market would perform will now start to increase their investments once again.

The end of the eurozone sovereign debt crisis and the ever improving UK economy - which grew by 1.9 per cent last year and is slated to expand by 2.9 per cent this year - will be two of the main drivers behind a greater spending power among property investors this year. As a result, the expert believes that the coming year will be one that is characterised by a rise in total returns on a substantial level.

However, she said it was also important that people are cautious with spending, and that they take into account the potential for changing circumstances down the line. For example, demand could be hampered by 2017 when the governmental Help to Buy scheme closes, while a newly-elected government following next year's general election could mean the adoption of tighter fiscal policies, which could also see changes in levels of demand among buyers and business tenants alike.

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