The fear of increase in household bills has already gripped British citizens and you can expect the same in real estate too. However, if you are living in London then there are chances of a price fall in 2017. Experts suggest that homes in the international city, would not see any price rise hiccups especially in this year. The highest growth would be observed in the South West and next in line would be the East of England & West Midlands.
Growth in the housing market would be observed across England leaving London as the only exception. After many years of rising prices, there would be a minor 1% fall in London’s housing market. The property market fell by 7% in West London in 2016 which is a sharp contrast than the previous years. Talking about the places which would see sunshine in 2017, we have Scotland that would see a minor 0.1% growth while Wales may remain at flat price rates.
Liam Bailey, Global Head of Research at Knight Frank, explained the housing market scenario of the UK and London by saying that: “Both the London and wider UK housing markets outperformed expectations following the referendum. After a sharp dip in confidence just after the vote, conditions have improved into the autumn. On most measures the mainstream UK market continues to perform strongly – with annual price growth likely to end this year at five per cent.”
The below table suggests the Knight Frank forecasts for the coming years. Check for details:
Image Courtesy: Knight Frank
Experts also suggest a progressive curve in the housing market for the East and South East of England. There would be price fall in central London and there would be marginal cut down on housing prices in the Greater London area too. For all those who are planning a mortgage, you should know the exact rates and invest in a professional service provider that offers accurate prices.
To know more about such news and updates, you can check our website Freepricecompare.com. We offer free, independent and impartial comparison between home insurance providers and mortgage payment insurance providers in the UK. To know more about our services, you can catch up with our friendly team of comparison experts on 02034757476.
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