As we move from 2016 to 2017, pundits and experts attempt to make some housing market predictions. This is a slightly risky activity as it is easy to get things wrong, but we all have to make informed decisions using the best available information.
That applies to many things but decisions on property buying or selling are one of the most important you can make so let’s look forward to the coming year and look at the best housing market predictions of 2017:
- UK bank Halifax expect UK house prices to rise marginally in 2017 – Britain’s biggest mortgage lender said a slowdown in economic growth, potential rises in unemployment and pressure on household incomes will put a brake on the property market after several years of growth.
- UK’s largest estate agency, Countrywide, predicts a 1% fall in 2017 – they are citing Brexit-fuelled uncertainty and higher inflation.
- Online estate agency Zoopla are reporting that a third of the properties on its site are currently showing reduced prices, with the largest percentage fall in the north of England but the largest cash falls in London.
- Halifax forecast a fall in buy-to-let lending in 2017 as new tax hikes come into force in April, alongside tighter lending criteria. The long-term case for investing in housing, however, remains strong with the sector set to continue to offer attractive rates of return compared to alternative investment classes despite these developments.
- Royal Institution of Chartered Surveyors (Rics) predicts house prices to rise by 3% over 2017, with East Anglia, the North West and the West Midlands recording higher gains than the national average.
- Political events such as the triggering of Article 50 in the UK and the presidency of Trump in the states will affect the economy and therefore the UK property market. Uncertainty is generally not good for lenders but it is almost impossible to predict how that will affect our housing market in Coventry and the West Midlands.
- Halifax also said a continued shortage of property for sale, as well as low interest rates on fixed term and tracker mortgages, would cushion the impact of any economic deterioration.
These are housing market predictions 2017 are general and may or may not affect the housing market in Coventry and the West Midlands.
Please get in touch if you want a property valuation or want to view the properties we have for sale or rent: Foster Lewis and Co estate agents office on 02476 592929 or use our contact form.