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Regions To See Big Home Price Rises In 2015

Regions To See Big Home Price Rises In 2015

Regional areas of the UK are set to see the biggest house price gains next year, according to a new surveyors' forecast.

House prices in Humberside, Yorkshire, the West Midlands, the North West and the South East are expected to rise significantly.

Meanwhile, London, which saw double digit growth last year and a flurry of activity in early 2014, is forecast to see prices stagnate.

According to predictions from the Royal Institution of Chartered Surveyors (RICS), property across the UK should see 3% growth in 2015, with total sales rising from this year's total.

It said the capital would witness a flat price trend but warned there could be "wide variations" in performance across the London boroughs.

Kensington and Chelsea, Westminster, Camden, and Hammersmith and Fulham could be the places where house prices were the most negatively affected.

Major stamp duty reforms announced in the Autumn Statement earlier this month, significantly affecting homes valued at more than £1m, have had an affect - along with mortgage capping guidelines that were tightened in April.

RICS added that eastern areas of London may hold strong and outperform other spots in the capital.

It now expects property values to increase by 5% in the South East, West Midlands North West, Yorkshire and Humberside.

Northern Ireland and Scotland are forecast for a 4% rise while it expects a 3% boost in the East of England, the East Midlands and the North East.

Wales and the South West are due for a 2% rise, it said.

Further support for evidence the property chill will hit the capital comes from analyst firm Hometrack.

It said house prices in Edinburgh, Glasgow, Southampton, Bristol and Birmingham have grown at a faster rate than those in London in recent months.

Hometrack said London property saw a 0.5% price rise in the three months to November, slowing from average quarterly increases of 1.4% seen in the capital over the last year.