Downgraded outlook for 2017

The Royal Institution of Chartered Surveyors (RICS) have released a report downgrading their outlook for UK property sales in the year ahead. In fact, according to a recent survey, the number of house sales faltered in the last three months of 2016 and it has gotten off to a slow start in 2017, causing estate agents to feel less optimistic about prospects in the coming months.

Despite a dip in activity across most of the UK, with the exceptions of Wales, the south-west and the north-west which contrary to everyone else have seen an increase in sales, overall house prices are slowly rising. According to the Office for National Statistics (ONS) house price inflation has gone from 6.4% to 6.7% since November, and, due to strong demand and a shortage in properties, it’s expected that rents will also see a 5% rise a year for the next five years.

Central London was the only area where prices fell, but it is expected they rise again later in the year.
Surveyors proved in fact more positive about the market in a year’s time, foreseeing both a rise in prices and in the number of sales.

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