UK house prices will not reach their 2007 peak until 2019, the longest housing market recovery on record, according to a the latest forecast for the residential sector from Knight Frank.
The consultants say that UK housing transactions are expected to rise 2% in 2013, but will remain well below peak levels for the rest of the decade.
It means that some five years after the start of the financial crisis, the housing sector in the UK still does not bear the hallmarks of a fully functioning market.
Transaction levels have roughly halved since the last market peak in 2007, and are 35% below the 20 year average, as first time buyers and those further up the housing ladder struggle with tighter mortgage lending rules.
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