Britain property market ends 2016 on a positive note
Despite all the bad news last year with Brexit, stamp duty changes and tenant fees ban, Britain actually ended the controversial year with a 4.5% house price growth by the end of the year, which was at the same level as 2015.
Furthermore, data published by lender Nationwide revealed that month on month prices increased by 0.8%, increasing the average home price to £208,898 and showed that the UK’s housing market was in a stable condition throughout 2016.
Concerns last year surrounded the capital, which for the first time in 8 years, house price growth was lower than the UK average at an increase of 3.7% over the year, compared to 12.5% in 2015.
“Like most forecasters, including the Bank of England, we expect the UK economy to slow modestly next year, which is likely to result in less robust labour market conditions and modestly slower house price growth,” Nationwide’s chief economist, Robert Gardner, explained.
“But we continue to think a small gain, around 2%, is more likely than a decline over 2017 as a whole, since low interest rates are expected to help underpin demand while a shortage of homes on the market will continue to provide support for house prices,” he added.
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Written by: The Team | On: January 11, 2017