What next for the North West property market in 2017?
Despite the undoubted upheaval of the past year, it might come as a bit of a surprise to many that the UK property market weathered the storm. Of course, there is still much uncertainty surrounding Brexit and nobody can afford to be complacent. But, as we look forward to 2017, the outlook isn’t as bleak as predicted.
For a start, by the end of 2016, the annual house price growth across Britain was 4.5 per cent, according to the latest figures from the Nationwide House Price Index – exactly the same as 2015. So, what exactly is next for the North West property market?
What about the housing market in the North West?
In terms of house price growth, our region didn’t fare quite as well as the UK as a whole, but it’s important to note that we weren’t too far behind.
Looking at the three months to December 2016, the average price for a home in the North West was £151,463 – a 3.7 per cent increase year-on-year.
One of the major influences was, of course, Brexit. Changes to stamp duty also had an impact.
What’s next for the North West property market?
House prices across the whole of the UK are predicted to rise this year by an average of between 2-3%.
And the outlook for the North West is even better as prices in the region are forecast to rise above the national average, according to the Royal Institution of Chartered Surveyors (RICS).
Supply continues to be an issue, with not enough homes being built to meet the demand, although this is more of a factor in London and the South East than other parts of the UK.
Are you looking to buy or sell a home in Chorley?
Our area is a great place to live, and here’s why:
- Mix of properties for sale and rent
- Easy access to Manchester, Preston and Wigan – and the coast
- Stunning countryside including the Lake District on the doorstep
Want to find your dream home? Or are you looking to sell? Call us on 01257 547061 for a free valuation.