Forecast for the property market in the UK to 2016

The market of real estate of great Britain is on the threshold of the referendum and the experts do not get tired to make their predictions about the future of the British property market after the vote of the British people about EU membership.

In April 2016, the prices for real estate in the United Kingdom fell by 0.8%, which led to the annual slowdown in price to 9.2%, the average price of property fell to £212321. This is the most significant drop in prices from November 2015.

According to the latest report of Index of Confidence of the Property Market from Halifax (Halifax Housing Market Confidence Tracker), the market confidence in UK property is now at the lowest levels since may of last year. For the first time in more than a year, the market has seen the phenomenon when the property is sold below the asking price, which is a hint that the power market has shifted from seller to buyer.

However, against the background of the good state of the British economy, confidence is at a good level and more than 65% of people believe that the price of property in the UK will grow in the next 12 months.

Jonathan Hopper, head of Department of sales of Agency of real estate Finders Garrington believes that the slight cooling of growth in housing prices is a good sign for the market. In a competitive environment buyers, sellers too overpriced now , a short break on the market will allow buyers to make more reasonable choices and a little bit balance out the market. With the approaching referendum, many sellers have begun to understand that in conditions when the market is on the threshold of the unknown, it is not necessary to lift up the price.

Double-digit annual growth in housing prices is unlikely to return to the market in the next 12 months, but, still being in a state of imbalance of supply and demand, the price of a property in England will gradually grow.

® Alice Morgan. 05.05.2016 G.

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