Berkeley’s Pidgley Says U.K. House Prices May Rise 5% This Year
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U.K. house prices may rise as much as 5 percent this year because of a shortage of new properties, according to Tony Pidgley, the Berkeley Group Holdings Plc chairman who predicted the last residential slump.
No more than about 130,000 homes will be completed in 2011, Pidgley said. That will fail to keep pace with demand, particularly in London and the southeast of England, he said. A total of 100,400 homes were built last year and 178,700 were constructed at the market’s last peak in 2007, National House-Building Council data show.