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No Peak in U.K. Home Prices


A new index designed to predict changes in house prices suggests the property market will continue to head skywards, its creators say.

The Economic Cycle Research Institute, a U.S. research house that forecasts business cycles using composite indexes of economic indicators, said on Thursday it had developed a home price index to gauge price pressures created by the housing market.

"Despite a slight dip in November, it is still climbing, indicating that no peak in home prices is as yet on the horizon," the ECRI said. "Thus, UK home prices are likely to keep rising in the near term."

The predictions made by ECRI's UK Leading Home Price Index add to a welter of data suggesting a recent interest rate rise did not deter the burgeoning housing market...

The Home Price Index... It would have predicted the only downturn in the 21 years since the data was first collected, the ECRI said.