Property Talk - January 2018

January 2018

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5th January - Forecasts - what will happen this year?

The New Year is as good a time at any to take stock of the housing market in the UK. First, what happened in 2017? The most widely regarded price index seems to be that of Nationwide (view article). Shock, horror, the London region has performed the least well, with house prices down 0.5%. Between July and September, London house prices actually fell for the first time in 8 years, or since the financial crisis. Then again, they have a lot of falling to do as London has by far and away out-performed the rest of the UK since 2009. So whilst the headline writers to the left of the political spectrum have been rejoicing (for example, Guardian), this needs to be taken with something of a pinch of salt.

What's on the cards for 2018? I'm going to borrow my format from 2013 (time flies etc. etc.):

RICS (surveyors' professional body)Growth expected to "grind to a halt"
Halifax (building society)0 - 3%
Nationwide (building society)0 - 1%
Rightmove (website)1%
Hamptons (estate agents)1%
Savills (estate agents)1%
Reuters poll (28 market specialists)1.3%
Knight Frank (estate agents)1.5% in "prime markets"
John Charcol (mortgage broker)2%
Capital Economics (consultancy)2.5%
Hometrack (website)3%

Overall, then, it's safe to say that the Renovate Alerts UK property price prediction for 2018 is a 1% rise in prices. Apart from London, obviously, which is going to halve in value :-)

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