Will UK property prices go up or down in 2018?
Predicting where property prices will go in the future isn’t easy, especially with economic uncertainty and Brexit added to the mix. However, experts have given it a go, and released their best guesses of whether UK property prices will move up or down in 2018 and beyond.
What the experts say:
PriceWaterhouseCoopers: PwC’s 2018 predictions have UK’s house prices moving up by 4 percent each year until 2025.
Morgan Stanley: With the approach of Brexit, the financial services firm predicts house prices across the UK will drop by 1.6 percent next year - with more falls in store.
Jackson-Stops: prices will remain stable in 2018 as stamp duty Brexit and political ructions prevent the market from moving.
Savills: 2018 will be a slow year, with London property prices falling by 2 percent and rising by 1.5 percent in the north of the UK and in Scotland. Savills’ five-year forecast is also favourable - if you’re in the north, that is.
Knight Frank: UK house price growth will sit at around 1 percent next year, but will reach an overall 14.2 percent by 2022. Yorkshire property could see gains of 17.6 percent by the end of 2022 - more than double London’s rate of a predicted 7 percent. Manchester property is expected to grow by 18 percent by the same point in time. In London, prices are set to fall by 0.5 perent, but grow by 13 percent over the next five years.
Strutt and Parker: mainstream UK property market will grow by 2.5 percent next year, while prime London property prices will flatten. In the long term, UK property values will rise by 2.5 percent, which will rise to 4 percent in 2020, 2021 and 2022.
Countrywide: the property services group predicts average values will rise by 2.5 percent in 2018, with prices fuelled by a short supply. Almost all the experts agree that the housing shortage will be a significant growth factor next year.
JLL: the UK property investment firm believes sales will slow, with an average of 1.23 million homes sold each year for the next five years. However, JLL says the construction market will remain buoyant as 206,000 homes are set to be built each year up until 2022.
If you have any questions about the future of the UK property market, please contact us.