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

Share Facebook LinkedIn Twitter

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.

Share this article

Share Facebook LinkedIn Twitter

Montana H

Business Development Director

Twitter LinkedIn

Gnomen news

Upheaval in the online agency world shows increasing importance of digital

> Read more

The countdown to GDPR why compliance is crucial

The introduction of strict new data regulations is now only a matter of days away.On Friday 25 May 2018, the General Data Protection Regulation (GDPR) will replace the Data Protection Act 1998 and apply to all countries in the EU.As Britain is still a member of the union at this point, the new rules will be unaffected by Brexit.

> Read more

Heres why the rise in Millennial renters is a good

> Read more

Build to Rent growth means letting agents

One of the fastest-growing parts of the private rented sector is Build to Rent, where large-scale, institutional investors pump money in to provide bespoke, purpose-built rental accommodation for tenants.

> Read more

professionalising the industry

> Read more

Digital futures: Why HM Land Registry is the latest to embrace tech

For a well-functioning property market, with transactions occurring regularly and with minimum disruption,

> Read more

The rollout of superfast broadband can benefit letting agents

> Read more

How can estate and letting agents avoid customer problems during transactions?

Some 54% of people who have sold, rented or bought a property in the last five years have faced problems during the process, new research from NAEA and ARLA Propertymark has revealed.

> Read more

PropTech is mainstream and that is why agents need to embrace it

Before now, there could have been accusations that PropTech was a bit of a niche market; an outside disrupter rather than part of the in-crowd.

> Read more

Is bitcoin the future currency of property sales?

> Read more

Estate and letting agents 2018 dates for your diary

> Read more

latest budget outlines britains digital future

> Read more

agents benefit as property prices London

> Read more

Fees ban draft bill: 5 key questions answered

On November 1, the Department for Communities and Local Government (DCLG) published the draft for what is to be known as the Tenants' Fees Bill.

> Read more

Property firms must come to terms with Artificial Intelligence

Property firms must come to terms with Artificial Intelligence Companies have been warned that they must get to grips with emerging, disruptive technology such as artificial intelligence (AI) or risk becoming obsolete.

> Read more

Agents need to be wary of fraudulent computer virus scams

Agents need to be wary of fraudulent computer virus scams Cyber-crime is one of the great challenges of our time, and it's something estate and letting agents need to be aware of.

> Read more

Range of lettings measures announced during party conference season

Range of lettings measures announced during party conference season The political party conference season usually springs a few surprises and it was those of us working in the property industry who this year were required to sit up and pay attention.

> Read more

MPs debate unintended consequences of proposed letting fees ban

> Read more

Busiest time of the year for letting agents almost upon us

If you are a letting agent it is likely that your workload is about to get a lot busier

> Read more

Agents urged to prepare for introduction of new data protection legislation

It might not be something you have given much consideration to but new data protection legislation is coming into effect from next year that will have a significant bearing on your estate or letting agency business

> Read more