Now we have welcomed in the New Year and settled back behind our desks, it’s time to look at the national and local housing market predictions for 2018.
According to our tremendously clever property market analysts at Dataloft, UK house prices are expected rise in 2018 but only by a narrow margin – an average of around 1.8%. This will be caused by a combination of small falls in house prices in some markets, especially London, to a whopping 5% uplift in others areas.
As ever, there will be significant variations at local level, bearing in mind that these forecasts look at the national average which differs significantly across the UK.
Local markets can outperform for a variety of reasons, including: new train services, new employers, new visitor attractions and new housing completions. The national outlook is mostly driven by availability of mortgage finance and economic confidence. If either of these factors are low, demand for housing subsides, thus affecting house prices.
A boom in house price growth could be triggered by victories in the Brexit negotiations and if economic indicators return to their pre-Brexit trajectories. Downside risks that affect consumers include significant job losses, rising inflation and rising interest rates – all of which will put a squeeze on affordability, particularly for first time buyers. It is simply a case of “watch this space” to see how Brexit negotiations will affect the property market.
The outlook for UK house price growth over the next few years is likely to be slow and low over a long period. However, the good news is that it is unlikely that we will see significant price drops in most areas. The South East has seen overall steady growth over the last five years. Even though this may slow down and be lower, the prediction is that overall the house prices in the area will continue on this upward curve.
You can find out more about how your local property market is faring at the moment by clicking on the following links:
If you would like a tailor made property market report for your specific postcode, please do not hesitate to contact our marketing department who will be happy to help. Email our Marketing Manager, Sophie Brooks: firstname.lastname@example.org The market report is free and without obligation to use Waterfords’ services.
Waterfords are always here for local homeowners and landlords to give free advice on the property market. Whether you are planning to move or are just curious, we look forward to hearing from you.
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