Property prices in the UK will grow by 2% in 2017

Prices for residential property in the UK will grow by 2% in 2017 – a joint forecast came in several organizations conducting research in the real estate market in the UK.

Report Agency Reuters, which was attended by such companies as Knight Frank, Nationwide, Council of Mortgage Lenders, Savills, and eMoov, indicates that the current Outlook reflects the uncertainty associated with the UK out of the EU and, if we compare the growth forecast for the prices that were before the referendum, when the expected annual price growth in 2017 at 4%, while expectations dropped significantly.

None of the respondents say that the future of the British property market looks attractive after the referendum. Eight of the respondents admitted that they do not see at all in this regard, any change, eleven people said that the situation was worse, and some said a lot worse.

Obviously the worse the situation on the market of elite real estate of London. In conditions when investors were hit by increased Stamp duty, the UK out of the EU have not added optimism.

The company elite property London Berkeley has published a new report that customer demand has fallen by 20% over the last year.

Meanwhile, there was some support for local homebuyers. As planned by the government, against a background of historically low interest rates on loans, they also benefit from the easy procedures of obtaining a mortgage. However, just do for those who have already initial Deposit. And many young families, unable to accumulate a Deposit, and remain out of the market owners swelling the ranks of renters.

The relatively weak impact of Brexit on the real estate market due to the lack of structural changes. The balance of supply and demand in the markets outside of London remain the same and the main problem remains the shortage of housing.

® Helen Entree. 02.12.2016 G.

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