Residential market the UK real estate completed in 2016 on a positive note, showing an increase in prices in December 2016 of 1.7% and annual price growth of 6.5%. December is traditionally a good month for the real estate market of the United Kingdom. Quarterly growth was also not bad – 2.5% increase in prices over the last quarter of 2016. As a result, according to mortgage lender Halifax, the average price of real estate amounted to £222484 pound.
Meanwhile, an economist with the real estate market in the Halifax, Martin Ellis believes that the slowdown in economic growth, rising unemployment , reduced purchasing power, coupled with the reduced availability will lead to lower demand in 2017. The market will have an imbalance of supply and demand and low mortgage rates, however, price growth is likely to range from 1% to 4% in 2017 depending on the region.
According to the report by Halifax, the town of Luton strongest price rise in 2016. As it turned out, at the beginning of the year Luton were the lowest rates among all cities with equal accessibility to London. In the County of Bedfordshire, where Luton is located, prices rose from £214934 to £256636 in 2016, i.e. by 19.4%.
London Barking and Dagenham was the second price increase in 2016, showing a price increase of 18.6% in 2016.
According to Halifax, there is no exact data, where in 2017 the housing shortage will be felt hardest, but definitely the lack of supply will be the decisive factor pushing the prices up, and competition among buyers in 2017 will increase.
Low interest mortgage rates will stimulate buyers to act, and sellers are determined to make a deal, will agree to reduce the asking price. Thus, in 2017, we have a chance to see quite a moving real estate market in the United Kingdom.
® Alice Morgan. 11.01.2017 G.
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