Each quarter Standard & Poor financial consultancy DRI updates regional housing forecasts for the current year and the next for housing transactions, starts and prices – exclusively for plastics manufacturer Wavin. DRI then scores each region’s housing economy, marking one star for worst performer, five stars for best. DRI uses its own econometric model which responds to 30 pointers, such as industrial orders, employment levels and net reservations. From today, Building Homes is publishing this profitable information after every quarter as the Osma Regional Housing Forecast.

1999 FIRST UPDATE: KEY FINDINGS AND FORECASTS

  • House prices in the UK are set to moderate in 1999 as the economic slowdown reduces demand among prospective buyers.
  • Northern Ireland’s housing market will outperform all other UK regions in 1999.
  • House price rises in the South West will be the strongest in mainland Britain this year, underlining the strength of the region’s economy.
  • Greater London’s housing market will be hit by slower economic growth, causing total transactions in the capital to fall and house price rises to moderate.
  • The boom in the South East is over, but homeowners will still see above-average house price rises in 1999.
  • New residential construction in the South East will fall further this year.
  • Economic uncertainty in Yorkshire & Humberside will further depress the region’s housing market in 1999, sending new housebuilding and private RMI into decline.
  • Average house prices in Yorkshire and Humberside will be the weakest of all UK regions in 1999.
  • House prices in the North and North West will remain below average in 1999.
  • Scotland’s housing market will slow this year and bounce back strongly in 2000.
  • Wales’ housing market will lag behind the rest of the UK again in 1999, but house prices will still rise on average.

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Building Homes