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UK house price growth appeared to remain stable throughout 2016. According to Zoopla, house prices grew much faster in eastern England and also the West Midlands. However, it has been reported that house prices in London fell by 8.7% (according to Rightmove) over the past year and it was below the UK’s average for the first time since 2008.  Despite the drop in buying activity in London, the average price for a house still remains more than double the UK average, according to the official statistics from the Office for National Statistics.

It has been noted that most forecasters, including the Bank of England, expect the UK economy to slow modestly this year and this may result in slower house price growth. Nationwide has said that it expects house price growth will slow down to around 2% in 2017 (compared to an average rise of 10% in 2016) due to the expected weakened economy.

The low interest rates that are currently on offer are expected to help support demand of property, but a shortage of homes on the market is expected to provide support for house prices throughout the country; so the slower growth may also depend on other factors.

It would appear that house prices may crucially depend on developments that occur in the wider economy, mainly due to a greater degree of uncertainty that surrounds the economy at this current time. The early months of 2017 could determine what happens to house prices in 2017 as it should hopefully become clear whether low mortgage rates and the lack of new and existing supply of houses proves more significant, rather than uncertainty over the wider economy post-Brexit.

For those who have access to cash or can secure a low interest mortgage, 2017 may well be a good year to get on or move up the property ladder.

If you have any queries, please contact our Property team on 0161 832 3304.

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Excellent experience start to finish – always very responsive to any queries and the turnaround on the property I was buying was very quick, even in the busy time leading up to stamp duty deadline. Jenny was always very helpful and went above and beyond to close on a short timescale.

Ben Armitage

“Very approachable, practical solutions to problems, but most of all very responsive which I personally think is very important because if you need help, you need it quickly, or at least to know someone is looking at it for you”.

Joanne Rowe, Finance Director, Greater Manchester Chamber

“Always able to contact, very approachable, friendly and professional”

Nives Feely, JAM Recruitment

“I believe I have been able to establish a professional working relationship with everyone I have come into contact. Importantly, I sense the relationships which have been established give me the confidence that I can make contact with Davis Blank Furniss at any time and on any matter. I would also like to express my thanks to the very impressive “gatekeepers” who work in reception, not only for making me very welcome, but also for their professionalism”

Bill Pryke, CEO, Chartered Institution of Civil Engineering Surveyors

“Thank you for your efficient and friendly help throughout this process. We have had it easy but your approach has been part of that”.

Robert Amsbury (Conveyancing Client)

“I would like to take this opportunity to thank you personally for the ongoing support and assistance the firm has offered to our parents over the years. I hope also that we may be able to call on you if necessary in the future.”

Valerie Fisher (Probate Client)

“Jo always provides great service, understands our needs and delivers on her promises. Our needs are relatively simple but the complexity arises out of the volume of work and short time frames, Jo always delivers.”

Peter Fernandez, Corporate Director at Royal Bank of Scotland

“A big thank you to all who dealt with my wife’s claim… We would not hesitate to recommend Davis Blank Furniss to anyone that may be in a situation like we have been…”

Anon (Personal Injury client)

“Before putting my case in Kirsty (Morbey)’s capable hands I’ve met a couple of other solicitors. None of them listen to me as intently as Kirsty and showed me as much empathy and understanding as she did. Simultaneously she was able to look at my case from legal perspective, explain all the options and follow each of our meetings with written summary of the discussed matters (in timely manner). Her advice was invaluable and led me to successfully ending the case matter (hopeful for good). I’m forever grateful for he work and would definitely recommend her to anyone looking for reliable, knowledgeable and committed solicitor”.

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