HOUSE prices are not expected to return to 2007 levels until 2024, an economic report warned today,
Economists at PwC said in strict cash terms, house prices should climb back to the peak levels of 2007 within the next five years.
However, when the effect of inflation is taken into account, house prices will not reach 2007 levels for another 12 years.
And the report said single people without financial assistance cannot expect to be able to buy a first property until they are in their late-30s.
It warned pressure exerted by the eurozone crisis will result in the UK economy stagnating, with flat economic growth for the remainder of this year.
Across the UK, a slight recovery will be experienced next year with growth increasing to 1.7 per cent. Scotland’s recovery, however, will lag behind and it will record 1.4 per cent growth next year.