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December 30, 2016

What’s next for the UK Property Market?

Filed under: Latest News — Instinctif Partners @ 10:50 am

Last week’s article provided a forecast for the London property market in 2017. Nick Leeming, our chairman, now provides his predictions for the rest of the country.

As last week’s article looked ahead to the London property market in 2017, it is only right that we see in the New Year with another predictions piece – this time a wider look at what’s in store for the rest of the country.

I anticipate minimal change next year to the equation that has governed the national property market in 2017: demand will continue to outstrip supply, which will drive up average property prices. House price inflation won’t be as high in 2017 as it has been in recent years, with some buyers and lenders impacted by Brexit, macro-political and economic uncertainty and recent property taxes in the short term. This means that the 2017 property market might turn out to be one that so many have craved in recent years, with more moderate price growth helping affordability.

This beautiful Grade II listed thatched Devon farmhouse is on the market for £1,100,000. For more information, call our Taunton branch on 01823 325144.

This beautiful Grade II listed thatched Devon farmhouse is on the market for £1,100,000. For more information, call our Taunton branch on 01823 325144.

While there have been a patchwork of commitments from government to increase housing supply over the next Parliamentary period, it will take some time for the results of these actions to come through and so we will not see the true impact in 2017. David Cameron built the least homes of any Prime Minister since 1923 and so it won’t be an overnight fix that turns this trend on its head. The Housing White Paper, which looks set for publication in January, will hopefully provide a blueprint for tackling the UK’s housing crisis.

Turning to our country branches specifically, professionals and families moving out of the city will continue to have a considerable influence in Essex, Suffolk and Norfolk, which will remain ‘go to’ areas for those seeking respite from the city. This enduring popularity and lack of supply in the region means we anticipate an average price growth of around 5% across 2017. In addition, areas such as Sevenoaks and Tunbridge Wells will

This charming Grade II listed Oast conversion, located in Kent, is on the market for £1,100,000. To arrange a viewing, please get in touch with our Sevenoaks branch on 01732740600.

This charming Grade II listed Oast conversion, located in Kent, is on the market for £1,100,000. To arrange a viewing, please get in touch with our Sevenoaks branch on 01732740600.

also continue to attract young families from London. These buyers will choose to be based in the towns, rather than rural areas, in order to have the best access to amenities including schools, shops and transport links. We also anticipate that buyers will favour contemporary country properties, rather than older more traditional homes, with factors of low maintenance and comfort outweighing the charms of a ‘fixer-upper’.

The country homes market will see continued price growth at the lower end, by which I mean properties in the region of £400,000 to £1 million, but there will be a lack of quality homes coming onto the market and certainly not enough to satisfy demand. However, the top end of the market will continue to be held back by prohibitive stamp duty rules. It was a real shame that these weren’t reformed in the Chancellor’s Autumn Statement. If Philip Hammond had done so, it would have created more fluidity in the property market at all levels.

December 22, 2016

What’s next for the London Property Market?

Filed under: Latest News — Instinctif Partners @ 4:26 pm

Nick Leeming, our Chairman, looks to the future, sharing his predictions for the London property market in 2017.

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This unique two-bedroom property on Sussex Street is on the market for £1,225,000 – get in touch with our Pimlico branch if interested to find out more (02078284050)

 With Christmas and the New Year nearly upon us it feels appropriate to offer up some 2017 predictions for the London property market. In relation to the rest of the UK, it is clear that London has been more acutely affected by both the strain of stamp duty and the global political/economic uncertainty ignited by Trump’s presidency, Brexit and the Eurozone political turmoil.

Greater London will still experience house price growth in 2017, but it is expected to be way below the significant levels seen in the last eight years (growth halving from 10% in 2016 to around 5% in 2017). While stamp duty land tax increases will continue to slow the top end of the London market, some savvy investors will see 2017 as a good time to invest, with the pound’s depreciation in value making London property ripe for the picking.

Located in the heart of Holland Park, this beautiful four bedroom maisonette is available to rent for £2,250 per week. Contact our Holland Park branch on 02077275222 for more information.

Located in the heart of Holland Park, this beautiful four bedroom maisonette is available to rent for £2,250 per week. Contact our Holland Park branch on 02077275222 for more information

This year there has been a marked difference between prime central markets, which have seen considerably less price growth than average, compared to prime outer London areas such as Weybridge and Richmond. This trend is set to continue next year.

I expect rental prices to increase by around 3% next year; there will be uncertainty amongst financial services tenants driven by concern over job security, but a rise in tenants from high growth sectors such as tech, media and telecommunications.

Prime central London rental prices, such as in Mayfair, Holland Park and Chelsea, have not appreciated with a significant number of homes on the market, however areas such as Kings Cross, Pimlico and Richmond have increased in price due to higher demand in those areas and this is set to continue into 2017. Tenants will see more choice of homes in a variety of locations next year than in previous years and prospective tenants will also be much shrewder when it comes to pricing.