Experts comment on property market 2017

December 29, 2016 by Brendan O'Neill

Property Market

As the events of 2016 come to a close, housing and property experts have been commenting on what they believe will happen to the property market in 2017.

House price growth in the UK has been slowing down, with London’s rapid growth coming to a halt, as first time buyers are priced out of the market. Brexit and tax changes have been behind most of the activity in the housing market.

Data released by the Land Registry revealed that the average house price growth in the UK fell from 7.7% to 6.9% from January to October. However, London’s average price growth demonstrated a more dramatic slow down, as price growth fell from 13.5% in January 2016, to 7.7% in October.

https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpg Hayward, the managing director of the National Association of Estate Agents, said that he expects 2017 to be similar to this year, with conditions still making it difficult for first time buyers. As house prices are affected by the shortage of housing in the UK, prices may remain stable next year.

Although the government has pledged to build a million new homes by 2020, the impact of that won’t be felt in 2017. Knight Frank, estate agent, has predicted that property prices in London will fall by 1%, in sharp contrast to 2016, when prices rose by 7%. The estate agent has forecast that the average price growth in the UK will be 1%, in comparison to 5% in 2016.

Mortgage advisers study on a CeMAP course before being fully qualified, so they are able to help people onto the property ladder.