Looking ahead at the 2017 property market
by Housesimple on 12th December 2016
As 2016 comes to a close, we're looking ahead at what 2017 might have in store for the property market. With banks and building societies conflicted as to whether house prices will rise or fall, and the fallout from Brexit and the new changes to stamp duty still being felt, it's likely to be very interesting indeed.
The housing bubble will stop inflating
It looks like upward property trends are set to flatline next year, as lower consumer confidence and fewer properties on the market cause things to slow down a bit. A period of low growth will be good news for people who are looking to get a foot on the property ladder, as house prices have been outpacing wages over the past few years. Homeowners in the south of England will be happy to hear that some areas are expected to go against the grain, with price rises of up to 2.5% forecast in some places.
The Millennials are coming
Interest rate cuts, government Help to Buy schemes and a drop in landlord activity could mean that Millennials will finally be able to purchase property next year. Members of this younger generation will be turning 20 to 36 in 2017, so if you're selling a home it's worth thinking about how to target them. They're likely to be young professionals, so highlight your broadband speed, public transport links and the craftiest bars and restaurants nearby.
Up-and-coming areas in London will buck the trend
Prices are expected to fall slightly across the British capital, but if you're planning on investing in the London there are still a few areas worth looking at. Cathedrals and Camberwell Green in Southwark have been proving very popular recently, with sales up 114% and 57% respectively. Other boroughs experiencing increased interest are Barnet, Havering and Barking & Dagenham.
We're looking forward to seeing what the new year brings.