Hopeful Britons counting on 2017 property boom
HOPEFUL Britons are counting on a property boom with more than half believing their house will continue to rise in value this year.
Britons are counting on a 2017 property boom
Fears Brexit would dampen sentiment have been dismissed with 54 per cent expecting growth and just 7 per cent fearing a decline, according to research by estate agents Keatons.
The survey follows yesterday’s Halifax house price index showing 5.1 per cent growth in the year to February.
54 per cent expected growth in 2017
The supply of both new homes and existing properties for sale remains low
This dipped from 5.7 per cent in January but Halifax housing economist Martin Ellis said prices are supported by a lack of homes on the market: “The supply of both new homes and existing properties for sale remains low.”
However, the annual rate of house price growth has almost halved over the past 11 months as buyers struggle to keep pace with price increases.
UK house prices pick up in August
Halifax house pricing index showed a 5.1 per cent growth in the year to February
Robert Gardner, chief economist at Nationwide, said that the market is buoyed by the strong UK economy: “GDP grew at a healthy looking 0.7 per cent last quarter and 4.8 per cent unemployment is an 11-year low.”
The annual rate of house price growth has almost halved over the past 11 months
Russell Quirk, chief executive of online estate agent eMoov.co.uk, said the UK housing market is bouncing back after a seasonally slow start to 2017. “It will continue to blossom as we enter spring, traditionally the busiest time of the year.”