UK house prices to grow 2.6% in 2017 - but London will fall 5.6%
10-30-2016
As economic consultancies and estate agency research departments begin their annual round of late-year forecasts for the 12 months ahead, the first prediction suggests house prices will grow across the UK - but will fall significantly in London.
The Centre for Economic and Business Research predicts house prices in the capital will drop 5.6 per cent on average in 2017, but across the UK price growth will still exist - although only for 2.6 per cent over the year as opposed to the 2016 level of 6.9 per cent.
Uncertainty over Brexit is the chief reason for the market slowdown.
"Nervousness and uncertainty are starting to show. We expect to see house price growth across the UK slowing considerably in the fourth quarter of 2016, a trend that is set to continue in 2017" according to CEBR economist Kay Daniel Neufeld.
She says there is concern amongst investors and the public over the consequences of a so-called ‘Hard Brexit.’