UK residential prices set to grow 3% in 2017

houseResidential Prices in UK will see an average increase of 3% in 2017 and sales numbers are likely to be stable. According to RICS (Royal Institution of Chartered Surveyors), the shortage of supply will continue and this could be the main driver behind higher prices while rents are expected to increase by up to 3%, also prices in central London look set to stabilize after recent declines, with support provided by the weaker exchange rate encouraging foreign buyers.

Simon Rubinsohn, RICS chief economist: “Although recent announcements by the government on housing are very welcome, the ongoing shortfall of stock across much of the sales and lettings markets is set to continue to underpin prices and rents, As a result, the affordability challenge will remain very much to the fore for many. Meanwhile the lack of existing inventory in the market is impacting the ability of households to move and will contribute toward transaction activity over the whole of 2017 being a little lower that in the year just ending.”

Leave a reply

Your email address will not be published.

Back to home page