If the latest industry expert opinions are to be believed, the property market in the United Kingdom may settle down for a while from next year. There have been five years of price increases in the UK property market but according to figures provided by Savills, there is an expectation of house prices flat lining from next year.
2016 has been a year of turmoil and uncertainty in the UK, both politically and in the economy, which has created a situation where the property market can be greatly affected. With certain political experts believing that a snap General Election may occur next year, there would be another major political event which will place many people’s property decisions on hold. There is also the fact that we are no closer to knowing what Brexit means which is also likely to impact on the market.
Uncertainty harms the UK property market
These factors, and a belief that consumer beliefs in the market are diminishing has led the property specialist to predict zero growth in 2017 and then a 2% rise in prices in 2018. However, the impact of London always needs to be accounted for with Savills suggesting that house prices in the north of England will fall in 2017. If you are looking to buy a home, a fall in prices will be viewed as a positive thing while people who are looking to sell their home will be dismayed at the loss of value for their property.
While there will always be a level of interest in predicting what the property market is likely to hold, the current state of the UK economy, and mood of the nation, makes it very difficult to accurately predict what will happen in the market. No one knows for sure what will happen due to Brexit, especially when you consider there is a chance that Brexit may not actually occur. It is still likely that the British Government will trigger Article 50 which will see Great Britain on its exit course from the European Union, but there is no clarity on when this will happen. All of which means the time spent predicting the behaviour of the property market could be in vain if something happens out of the blue.
As a local estate agent, we obviously look at the national market but our greatest interest lies in Greater Manchester and what is happening in Stockport and surrounding areas. While there is a lot of doom and gloom occurring across the country, the number of developments, both commercial and residential, in the local area indicates that there is a level of positivity around here. Whatever transpires, we’ll keep you fully appraised of the Stockport property market.
For all your property needs, please contact Spencer Harvey Estate and Letting Agents on:
0161 480 8888
https://www.spencerharvey.co.uk