2018 housing market
What can house hunters expect in the 2018 property market
What can house hunters expect in the 2018 property market
When it comes to predicting what will happen in the property market, it is very difficult to look forward with a high degree of confidence. This is because there are so many factors that influence the market and some elements can come out of the blue. There would have been many property specialists who had crafted their 2018 housing market predictions only to find that the Autumn Budget of 2017, and the abolition of stamp duty for first time buyers, changed things considerably.
With this in mind, it is difficult to say for certain what the 2018 housing market will bring, and you will find that there is a wide range of opinions. This is why it is perhaps best to consider the view of a number of specialists and then make your mind up from there.
There is a wide range of predictions for the 2018 housing market
PwC are highly respected by many people and they have an optimistic outlook for the property market in the United Kingdom. This company sees average process in the UK rising by 4% in 2018, and in fact, they believe this will continue all the way through until 2025. However, there are differing opinions and Morgan Stanley have a far more pessimistic view of the UK property market. This organisation believes that there will be a 1.6% fall in property values in 2018 and with Brexit looming; the company believes that property prices will be harder hit in forthcoming years.
With these two predictions being very far apart, there is a lot of room in the middle to make a more cautious prediction. You will find that many companies are hedging their bets, predicting that property prices in the UK will be flat in 2018. This is the opinion of Jackson-Stops with the company citing political uncertainty and Brexit as factors that will dampen enthusiasm and growth in the economy. While stamp duty has been a major talking point of late, the company believes that it is stamp duty for properties prices at £1m or more that is having a major impact on the market.
Positivity is predicted for the North West
Savills has looked at various parts of the country and believes that your optimism in the market is down to where you reside or what market you want to get involved in. The company believes that the London market will be slow, with values falling and that the South East market will witness a minor rise. However, it is the North West of England that is being tipped for a positive year in the property market. This area, led by Manchester’s vibrant outlook at the moment, is expected to see an 18% increase in property prices according to this estate agent.
Knight Franks has a similar opinion to the one stated by Savills, all of which means that property owners in the North West may be looking forward to 2018 with more confidence than property owners in London and the South East of the country.
If you are keen to stay in touch with the state of the property market in 2018, rely on Vital Space and we will make sure you know what you need to know.
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