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The Centre for Economics and Business Research (CEBR) new report on house price trends forecasts continued growth albeit at a lower level. They forecast that the average house price will rise to £220,000 in 2017.
Key points in their report are:
- Low transaction numbers over the coming years will hold price inflation down. House price growth expected to remain subdued at 4.1% in 2018 before picking up again from 2019 onwards
- A mix of factors is currently at play in the UK housing market. Government regulation including the rise in stamp duty on second homes. Changes in buy-to-let mortgage tax relief.
- The effects of the vote to leave the European Union are starting to be felt by households as higher inflation erodes real income growth. A slowdown in consumer spending and a potential blow to consumer confidence present downside risks for the UK housing market.
- The policy stance of the Bank of England which lowered interest rates by 25 basis points in August last year has resulted in lower borrowing costs and helped to sustain activity in the mortgage market.
Q1 2017 indicates that property is moving at a steady, a not spectacular pace.
The shortage of housing continues to put pressure on prices.
For access to their report click here
