Property prices set to grow by 1% in the UK in 2017

A row of terraced houses

UK property price is set to grow by 1% in 2017, since it has been slowing down from 2014. In central London, where the slowdown has been more pronounced, prices are predicted to fall slightly this year, however, looking ahead prices could see a rise of 14.2% by 2022, Rents are predicted to continue with steady growth, rising by 1.4% this year, by 2% in 2018, 2019, 2020 and 2021, to a cumulative 9.8%.

Analysis market report from international real estate firm Knight Frank: ‚ÄúData from The Department of Communities and Local Government (DCLG) shows that the number of new homes being built in recent years has increased, but it still remains some way below the number needed to meet current demand, not to mention the large historical shortfall. The shortage of housing stock available to buy coupled with ultra-low mortgage rates have put a floor under pricing across the UK, but the question of affordability is becoming more pressing in some areas, especially as lenders still expect sizable deposits from buyers, there are also notable variations between prime housing markets in London and the country.”

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