About Property Prices
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Your Mortgage commissioned Prophit, a data analysis organisation, to predict what could happen to average prices in the next five years. Prophit has taken a range of economic data from a number of sources and constructed a powerful computer programme. Key information includes Gross Domestic Product, inflation forecasts and interest rates from a range of City analysts.
Demographics, including regional and national population trends and shifts are included, plus employment forecasts as well as current and projected individual income levels. Last, but not least, current and expected levels of housing stock are in the mix, overlaying historic houses prices from the Land Registry.
The forecasts have been prepared for local authority areas. The estate agents' adage of 'location, location, location' means prices will always vary at street level.
Disclaimer
It is essential to remember that these are only predictions and that forecasts cannot be guaranteed. Therefore, no one should enter into any transaction on the basis of these predictions.