House prices set to soar in 2014
House prices are predicted to significantly rise over the next 12 months after a turnaround in the market in 2013, according to a recent report by Halifax.
The country's biggest lender has forecast a jump in house prices of between four per cent and eight per cent for 2014, which could see it equal last year's increase of 7.5 per cent.
According to bbc.co.uk, the price of homes rose by more than three times the rate of inflation which saw an increase of 2.1 per cent from November 2012 to November 2013. This improvement was due to a stronger-than-expected economic recovery in 2013 and the government's Help to Buy scheme encouraging first-time buyers to enter the market.
Halifax's housing economist, Martin Ellis, told theguardian.co.uk that it is becoming increasingly apparent that this economic recovery is here to stay, and employment figures continue to rise, therefore it is likely that there will be a boost in customer confidence over the coming months.
Mr Ellis said: "The recent strengthening in house prices is increasing the amount of equity that many homeowners have in their home. This will potentially encourage and enable more owners to put their property on the market for sale over the coming year, therefore boosting supply."