Burnham-On-Sea’s property prices are predicted to show further small increases during 2008, according to a new report out this week from a leading UK property price forecaster.
Technical Forecasts Ltd believes the cost of homes in both of Burnham’s postcode areas ‘TA8 1’ and ‘TA8 2’ will rise again this year, with detatched homes showing the steepest increase.
The company predicts the average cost of a detatched home in ‘TA8 1’ will be £266,579 by the end of 2008 (an increase of over £15,000 on the year), while semis will average £201,535 (a jump of around £11,000).
It believes terraced homes will cost an average of £164,098, rising from the current £156,514, while flats and maisonettes are tipped to show the smallest increase, rising from a current average of £123,362 to £130,102.
Meanwhile in the ‘TA8 2’ postcode area, the average cost of detatched properties is predicted to rise from a current average of £285,491 to £296,800 (a jump of approx £11,000). Semis will rise from £198,327 to £206,253 and terraced dwellings will jump from £150,096 to £154,262. The cost of flats and maisonettes will rise from £112,296 to £115,926.
Graham Hutchinson of Burnham’s Hutchinson Estate Agents told Burnham-On-Sea.com: “We think prices will remain stable this year, although the start of 2008 has been brisk and more positive than we were expecting. Another interest rate cut would also help the market.”
Julian Frost of Abbott and Frost added: “I expect prices to stay level during the first half of 2008 and pick up in the latter part of the year. Confidence in the market seems to be driven by media coverage.”
.2008 PROPERTY PRICE FORECAST FOR POSTCODE AREA TA8 1
Detached
Semis
Terraced
Flats
.2008 PROPERTY PRICE FORECAST FOR POSTCODE AREA TA8 2
Detached
Semis
Terraced
Flats
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