Regeneration areas 'to see higher price growth'

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A new report has suggested that homes in regeneration areas will experience the strongest price growth in 2008. Spicerhaart Financial Services has said that it expects annual growth to cool next year as a result of the credit crunch, interest rates and the introduction of Home information packs (HIPS), with average price growth standing at just two per cent. However, regional variations will mean that regeneration "hotspots" will see more buoyant growth, with long-term prospects for the wider UK property market also looking more stable, according to the firm. "As affordability constraints are eased and demand continues to outstrip supply, the long term future is set to be bright and we expect the housing market to return to its previously higher levels by 2009," said Steve Cox, operations director at Spicerhaart. The Bank of England is expected to hold interest rates at 5.75 per cent when it meets later this week, though most analysts – including Spicerhaart – are forecasting that there will be at least two rate cuts in 2008.

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