The growth in property prices in the UK will slow in 2017 and will recover in 2018

It is expected that prices for residential property in the UK will fall by 1.5% in 2017 .

Recent analysis from the evaluation index of residential property Contrywide believes that the first half of 2018, is likely to be difficult to market, but by the end of the year prices will grow by approximately 2%. The slowdown in prices will affect all regions, but by 2019, as expected, the average price increase will be 3% per year.

In London, as usual, a somewhat different picture. In 2017 is expected before the end of the year the slowdown in the prices of property in London to 0%, and then, in 2018 – rising prices by 2.5% and in 2019 – 4%. The growth rates in the South-East and East of England will slow to 1.5% and 3.5%, respectively. In 2018 in these regions is expected to increase by 2.5%, slowing to 2%, respectively. In the South-West in the next year prices could rise from 1.5% to 2%.

About the same forecast, with a small correction within one percent given other parts of the UK.

Countrywide, the report explains that the economic slowdown affect growth in prices – inflation absorbs the income of British and large purchases are postponed until better times.

It is expected that the Bank of England will begin very slowly to raise rates in early 2018. At the same time, along with inflation expected to rise and wages. Meanwhile, lenders intend to take a more cautious approach to lending and uncertainty in the economy in connection with Brexit would not allow prices to move rapidly upwards. Despite the noticeable increase in the number of transactions this year, falling prices will not give supply shortage.

However, the report expressed confidence in the economic recovery in the next two years and good prospects for residential market the UK real estate.

® Alice Morgan. 22.08.2017 G.

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