2017 was a rather stale year for the property market; the Brexit vote of 2016 didn’t cause house prices to fall off a cliff, but, nevertheless, house prices have stagnated on average across the country, with very little movement in the upwards trajectory. However, the property portal Rightmove has predicted in its annual report last month that property prices across England and Wales will rise by 1% in 2018, although London prices are still expected to decline.
Rightmove’s annual report went into more detail, saying that London’s prices could fall by 2%, but that this fall will be offset by a rise in the price of small and medium-priced homes across the rest of the country. Rightmove revealed that the current average asking price for properties in England and Wales is £302,865, a 2.6% decrease on November 2017’s figure, but 1.2% higher year-on-year. In addition, the property portal said that a 1% increase in property prices in 2018 would represent the lowest annual increase in property prices since 2011, when values increased by a mere 0.8%.
Rightmove’s annual report backs up an earlier prediction from estate agent Savills, who have also predicted a 1% rise in property prices in 2018. Savills said that the UK’s property market performed “stronger than expected” in 2017.
In their annual report, Rightmove revealed that they expect the price of typical first-time properties (those with one or two beds) to rise by 3% in 2018, while second-stepper homes (those with three or four beds) will rise by 2%.
Miles Shipside, Rightmove director and housing market analyst, painted a very interesting picture of the UK-wide housing market, and revealed that the average asking price for first-time buyers outside of inner London is currently £190,310; 3.5% higher than 12 months ago. In addition, the North-East of England experienced the biggest price inflation in 2017 at 4.7%. Looking more closely at London, Camden experienced the largest property price rise at 19%, while Newham was close behind at 9.8%. In contrast, property prices fell 10% in Islington, while prices also fell 10% in Hammersmith & Fulham.
Mr Shipside added that property owners in the UK have benefitted from increasing property prices for years now, with the national average rise over the past six years standing at 30.9%, or 4.6% each year. He continued to say that 2018 will be a mixed bag for the UK’s property market, but ultimately, ups and down will average out to a continued slowing in price rises.
Here at CPS Homes estate agents, we’re experts at helping people buy and sell property. If you’re a first-time buyer, a second-stepper, or seller, we have the experience and knowhow to get you the best price. To find out more, get in touch with our team today on 02920 454555, email: firstname.lastname@example.org or pop into one of our three Cardiff branches in Cathays, Cardiff Bay or Roath.