Book a demo

Let a friendly Gnomen expert answer all of your questions and take you through the system online in 15 minutes. Just choose a time that suits you.

username pass repass
CAPTCHA Image Refresh
Sales: +44 (0) 208 123 9019 Support: +44 (0) 208 629 1208

Montana H

Business Development Director

Twitter LinkedIn

House prices: what could happen in 2017?

Gnomen - House prices - what could happen in 2017

Last year was a memorable one for a number of reasons, and throughout an astonishing 12 months – which included the Brexit vote and election of Donald Trump – the UK property market remained stable and consistent.

Our attentions now turn to the 12 months ahead of us and what could lie in store when it comes to property price growth and transaction levels.

Here’s a round-up of property predictions from some of the industry’s biggest hitters…

The Centre for Economics and Business Research: The economic consultancy predicts that prices will continue to grow across the UK, although at a slower rate than the 6.9% recorded in 2016. In London, the organisation is forecasting an annual average price drop of more than 5%.
Estimated growth: UK – 2.6%, London –  -5.6%

Bumps in the road? CEBR says the main issue for the coming 12 months is the uncertainty over the UK’s impending exit from the EU and that investors and buyers are concerned about the possible consequences of a ‘hard Brexit’.

Knight Frank: The global property firm says that growth will be 'notably slower' this year and that price drops may start to occur in locations other than Prime Central London. Knight Frank is predicting the East and South East regions to have stronger years in terms of growth than Greater London.
Estimated growth: UK – 5%, London –  -1%

Bumps in the road? The agency says that the UK's exit from the EU will impact on consumer confidence, particularly in the lead up to and just after the now infamous Article 50 is triggered.

National Association of Estate Agents: Mark Hayward, the managing director of the NAEA, has suggested that prices will remain relatively stable in 2017. The organisation says there certainly won't be a 'property Armageddon' but has urged the Government to work harder to meet its housebuilding objectives.

Estimated growth: 43% of estate agents surveyed say they expect average house prices to stay static during 2017

Bumps in the road? The trade body for agents says that the high-end market in the capital is still struggling due to stamp duty changes while Brexit uncertainty remains an issue.

Nationwide: The mortgage lender and bank says that the property market's prospects will depend on the wider economy and it agrees with the Bank of England's prediction that the economy will slow during 2017 which means more modest house price growth.
Estimated growth: UK – 2%

Bumps in the road? Continued uncertainty and economic conditions are likely to have the biggest negative impact on the housing market, according to Nationwide.

Halifax: The housing team at Halifax believe that prices will grow during 2017, but at a slower rate than last year. However, the firm says that uncertainty means it is hard to give a specific forecast. It does predict that during 2017 a housing shortage will continue to underpin house price growth.
Estimated growth: UK – 1-4%

Bumps in the road? Halifax warns that the possibility of a deteriorating labour market could have a negative impact on housing demand, while a softening economy and weakening sterling could also have an effect.

The key message from the majority of these forecasts is that house prices in the UK will continue to grow during 2017, but that the prospect of Britain leaving the EU is likely to have a significant impact on housing demand and subsequently average house prices.

Echoing the words of the NAEA, there’s no expectation of a property Armageddon this year and agents can be hopeful of a steady year without too many surprises. However, if last year was anything to go by these predictions will all have been proved wrong by the summer!

At Gnomen, we help property managers, estate and letting agents to run every aspect of their business. We do this by offering cutting-edge, all-in-one cloud-based property software, providing agents with the flexibility required in the modern world.

For more information please get in touch with us on: 0208 123 9019.

You can also check out our property website design and software products here.

Gnomen news

Why agents should capitalise on the Bank of Mum and Dad boom

In recent weeks there have been a number of stories about the rising importance of the Bank of Mum and Dad when it comes to house purchases, with financial assistance from parents becoming almost a requirement for young buyers looking to get on the property ladder.

> Read more

The rising influence of short-lets how could it affect letting agents

It sometimes feels like there not a day that goes by without a news story concerning the growing short-lets market.

> Read more

Housing White Paper what does it mean for agents

Earlier this month the government released its eagerly anticipated housing White Paper. The 104 page document sets out how the Conservative Party intends to improve the supply/demand imbalance of housing in the UK.

> Read more

Is 2017 the beginning of the end for estate agent boards

For Sale and To Let boards have long proved divisive with some arguing they are still a useful marketing and advertising tool, while others argue that they are an eyesore and a relic from a different age. But have they had their day

> Read more

Good news for agents annual transactions remain strong

Despite the various challenges faced by the property industry in 2016. Brexit, stamp duty changes and tighter lending criteria chief among them

> Read more

Three tech resolutions for estate and letting agents

The new year is here and while many people will be spending January trying out a new diet or working hard at the gym, it's also a good time to review your business and make plans for the year ahead.

> Read more

Fees ban means letting agents must embrace tech and streamline processes

One announcement in Philip Hammonds recent Autumn Statement his first as Chancellor caused a bit of a stir in the property world

> Read more

Bricks or clicks-what the future of estate agency

Within our industry there has been a long-running debate between traditional high street estate agents and newer online operators which has focused on the future of our sector

> Read more

The number of new high street offices shows strength of agency sector

The number of high street estate and letting agents operating throughout the UK is on the rise, despite regular talk of the threat online/hybrid models pose to the more traditional way of doing things.

> Read more

The PropTech news stories that got us talking this month

The third quarter of 2016 was a characteristically busy three months in the property world. There was plenty of estate and letting agency news to get our teeth into over the summer

> Read more

Why Your Data is Better in the Cloud

See my guest blog on this PropTech special featured on NC Real Estate and find out the benefits of storing your data on the cloud

> Read more

Why a good website is crucial for estate and letting agents

We now live in an internet-reliant, thoroughly online age.

> Read more

The five most important estate agency news stories of the summer

Unfortunately summer is coming to an end now, but what an eventful few months it\'s been.

> Read more

Why agents must convert online enquiries to capita

Estate and letting agents' digital marketing spend has certainly increased over the last decade.

> Read more

Agents must put technology first as market tighte

It's now been well over a month since the EU referendum and we've started to see evidence of how the build-up to the historic vote and its aftermath have affected the UK property market.

> Read more

Proptech what is it and how can it help estate age

If you're an agent that likes to keep up with the news or often heads to industry events, then it's likely you'll have noticed an increased use of the word 'proptech'.

> Read more

How should estate and letting agents react to Brex

After a long and drawn out campaign, the British public last week decided to leave the European Union.

> Read more

Hybrid hits new heights as agents continue to inve

There's been a long and protracted debate about the benefits of online and traditional estate agency models over the last few years, with high street operators emphasising the importance of customer service and their online counterparts focusing their arguments on price.

> Read more

Our top tips for choosing a new property software

Software and estate agency are very closely linked. But, when it comes to property software, what should you be looking out for from providers?

> Read more

Is the single House Price Index good for estate agents

A single, definitive, official government house price index is set to be introduced in June this year, but is this something that should have estate agents cheering from the rooftops?

> Read more