Price increase in the UK property market expected to slow

Price increases in the UK property market are expected to slow over the course of the year, experts have forecast.

During the first quarter of the year rises have been consistent and steady, with levels currently 13.6 per cent higher in comparison to 2009, but there are signs of the growth slowing.

According to Jones Lang LaSalle, increases will begin to fade and will end the year down one per cent across the UK.

James Thomas, head of residential investment and development at the company, said that the forthcoming emergency Budget would have a significant impact on the property market.

"The impact of structural changes to the national economy, aimed at curbing the national debt, has left buyers and sellers unsure of the right time to act," he added.

"London and the south are likely to fare better and outperform the wider UK market as a result of global investment capitalising on the continued weakness of sterling."

Earlier this year, it was revealed that the number of new builds in the country is currently at its highest level since the second quarter of 2008.

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