Whether you’re planning on selling your home and moving on this year, it’s always interesting to find out what your property is worth – and how it might climb in value over the next 12 months.
The slightly subdued news for homeowners at the moment is that, according to property experts, there will be little change in house prices this year, with Capital Economics’ Andrew Burrell telling the BBC that the market will “continue to tread water”.
The news source asked various property experts what they expect to see happen this year, with Hometrack’s Richard Donnell predicting a three per cent rise and Andrew Montlake of Coreco suggesting that there might be an increase of between one and two per cent.
Both Miles Shipside of Rightmove and Simon Rubinsohn of the Royal Institution of Chartered Surveyors said that they expect to see no change whatsoever, and housing market commentator Henry Pryor said he thinks we’ll see a five per cent fall.
And the Bank of England has come out and said that the impact of Brexit on the housing market could in fact be significant. If there’s no deal in place, prices could drop by up to 30 per cent on their pre-Brexit level. And if the exit from the EU is disruptive, property prices could drop by up to 14 per cent.
It’s worth noting, however, that although the above predictions do show an average for house prices around the UK, the picture can be very different in various parts of the country, even varying greatly in different parts of the same town.
Capital Economics’ Andrew Burrell explained that London prices could fall by five per cent in the next year but climb elsewhere. And don’t forget to take into account school performances or crime rates, which can also affect prices.
Wondering where the property hotspots for prices are in the UK? Recent research from Zoopla revealed that the seaside town of Ryde, which is on the Isle of Wight, saw house prices climb by over ten per cent last year, adding £22,500 to the cost of buying an average home in the area.
But throughout the whole of the UK on average, prices rose by a comparatively low £2,860, with Smethwick near Birmingham seeing the next biggest gain of 9.67 per cent. This was followed by Diss in Norfolk (up 7.89 per cent) and Broadstairs in Kent (up 7.63 per cent).
The best performing region in England was the East Midlands, with prices climbing by 2.91 per cent. House prices dropped the most in Alnwick in Northumberland, falling 6.58 per cent. Biggleswade in Bedfordshire followed, with a 6.49 per cent drop, and Nantwich in Cheshire, which saw a 5.6 per cent fall.
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