FORECAST: THE BRITISH PROPERTY MARKET'S POST-CRASH BOOM MAY COME TO A HALT IN 2017
- 04 Nov
Savill's UK has released an annual industry forecast which states that "the British property market's post-crash boom will come to a halt in 2017 when house prices flatline after five years of increases", the Guardian, reports.
The following findings are also embedded in the forecast:
- Uncertainty caused by the EU referendum and weaker consumer sentiment will lead to two quiet years in the housing market
- The likelihood of zero growth next year followed by a 2% rise in 2018
- A price-growth halt in London and the east Midlands, over the year
- A fall in price growth in the north of England, Wales, and Scotland, over the year
- The south of England is predicted to have a 2.5% growth in some regions
Lucian Cook, Savill's UK head of residential research, said:
"The effect of Brexit is complicating a natural shift towards the later stages of the housing market cycle when the strongest growth is seen beyond London and the southeast.
"What is clear is that the housing market does not like political and economic uncertainty and this points to a lower growth, lower transaction market across the board."
Cook also said that it is expected that first-time buyers would face some difficulties in "raising a deposit without financial assistance", and schemes like the help-to-buy equity loan "look like they will need to become long-term features of government efforts to sustain housebuilding and home ownership".
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