Despite ongoing uncertainty around Brexit, the UK property market is expected to return to relative calm and renewed prosperity in 2017, according to a leading property expert.
Allison Thompson, managing director at property specialist Leaders, forecasts that 2017 will prove to be “extremely positive” for the UK property market, thanks to high demand from people seeking to move home.
“They will not put their plans on hold indefinitely, so we expect to see a high number of transactions in both the sales and lettings markets in 2017,” she said.
Leaders anticipate an influx of properties coming to the market throughout this month as people get on with their next move - and this, according to Thompson, will “give the sector a lift” that is likely to ensure a strong year in both sales and rentals.
Thomson has identified five key trends that she believes will define the property market throughout the coming year, and explains the thinking behind her predictions:
1/ Stable prices across the market
House prices - for both buyers and tenants - are likely to remain relatively stable this year. This will ensure properties remain affordable for more people and should be particularly good news for those looking to get on the ladder in 2017.
2/ Demand still high - from buyers and tenants
High demand is nothing new, but it is set to increase yet again this year. Leaders typically has 10 buyers for every property for sale and 12 prospective tenants for each home to rent - and these figures are predicted to rise as demand for quality housing continues to outweigh supply.
3/ New year boom on the cards
Many people put off a move in 2016 due to the uncertainty created by the Brexit vote. However, the desire to move onto and up the ladder remains strong and a large number of properties are expected to be put on the market in the first part of the year, creating a seasonal boost for the sector.
4/ Midlands and north-west set for greatest gains
While the market is set to remain stable, the largest rises in house prices are expected to be found in the Midlands and the north-west. These regions are packed with potential and present a golden opportunity for both first-time buyers and buy-to-let investors.
5/ It’ll still be a great time to fix a mortgage
Interest rates remain at record lows, but as inflation starts to head upwards this may not remain the case beyond 2017. As such, it could be a good time to choose a fixed-rate mortgage and benefit from knowing exactly how much a mortgage will cost each month.