What does 2017 hold for the property market?

Wednesday 7th December 2016

As 2017 edges ever closer, a number of property experts have had their say on how they see the market shaping up over the next 12 months.
Here are the expectations from the team at Stacks Property Search – one of the UK’s leading property buying agencies. 
Property prices to remain steady
“Property prices will show little in the way of movement, with a few sector exceptions. Lack of supply, together with uncertainty about our future in Europe, and a Trump-led America, will result in zero price change,” says Bill Spreckley, Stacks' regional director for Hampshire, West Sussex and Surrey. 
Market towns will continue to thrive
“The market for large country houses with 6+ bedrooms and 10-40 acres will stagnate. Nobody wants the responsibility or the cost,” says James Greenwood, owner of Stacks Property Search. 
“The holy grail of country property will be edge-of-village, with ancillary accommodation, up to 3 acres of land, and near a good market town with interesting community and good commuting.”
Overseas investors to aim for the Home Counties and beyond
“Expats whose first purchase on their return to the UK would traditionally be a London home will bypass the Capital and go straight to the Home Counties or beyond,” predicts Bill Spreckley. 
“The costs of buying and selling are now too onerous to make an ‘interim’ purchase viable.”
Londoners will take the plunge and leave the capital
According to Sally Fraser, one of Stacks’ regional directors, the generation of London leavers who have been procrastinating, watching their properties grow in value and being too nervous to leave the capital, will finally make the move. 
“Now the London market has plateaued, and the country is priced well relative to London values, Londoners will up-sticks and move to the country to pursue good schools and a healthier lifestyle,” she explains.
High-end sellers will begin to drop asking prices
“The stand-off in the £2m+ price bracket will end as vendors realise that if they don’t reduce the price, they won’t achieve a sale, however long they wait,” says Nick Wooldridge, the firm's regional director for Berkshire East and Buckinghamshire South. 
“The same goes for vendors in London who have factored price increases into their values that have failed to materialise.”
Rents will increase, particularly in university towns
“The property sector that will see price increases is the rental market – especially student lets in University towns and cities,” says Sally Fraser.
London will benefit from shock Trump victory
“Trump’s victory will be a win for London property,” believes Sara Ransom, managing director of Stacks London Property Search. 
She says that European investors anticipate further turbulence in the forthcoming Italian, French and German elections, and Americans are nervous. And London will therefore be viewed by Americans and Europeans alike as a safe option – with the added advantage of recent price drops of as much as 20% which make central London look like good value.

comments powered by Disqus
Premium Articles
Sign up
Live Chat