The research has been done and the past year’s progress and expectations for the coming year are being shared by experts in the housing market.  One such expert research analysis is that of Knight Frank Residential Research.  Expectations were that the past year would not be monumental in carrying the housing market toward recovery due to the double dip recession in 2012 but there was some optimism seen in the data when looking at where 2012 left the housing market to begin for 2013.

Liam Bailey, Global Head of Knight Frank Residential Research, remarked, “2012 was the third consecutive year of mediocre price growth across the UK, with prices likely to end the year down by around 1 per cent. The UK’s double dip recession, and even a threat of a triple dip, helped to weigh on purchaser sentiment.

“As always the average position across the UK has disguised the performance of different submarkets, and none has been more different than the central London market, which saw 9 per cent growth in prices in 2012, which added to recent growth means prices in central London are now 34 per cent higher than three years ago, UK prices are 1 per cent higher over the same period.

“International demand has helped to propel London prices higher and has also influenced the prime outer London markets, covering Wandsworth to Richmond, and Hampstead and Canary Wharf – where prices managed to rise by 5 per cent in 2012 and a respectable 13 per cent over the past three years.

“Outside of London, the weakness in the UK’s professional service and financial sector has not been offset by international demand, meaning the prime country house market has seen a slow decline in pricing continue thought 2012, with prices down by 4 per cent in 2012 and down by a similar level over the past three years. While the performance of country houses has been unimpressive, rural estate owners will be cheered by the fact that land values have risen steadily, by 3 per cent this year but by 22 per cent over the past three years.”