Sales Advice: Sales Market Overview - Q1 2017
As a general overview, the property market in Brackley has followed the trends of South East/Midlands regions.
Britain’s housing market cooled in December as sales activity fell and estate agents were less optimistic about prospects in the first quarter of 2017. The Royal Institution of Chartered Surveyors (RICS) said the market 'stuttered' at the end of 2016 and had 'gotten off to a slow start in 2017'. In addition they said 'With regards to the outlook, near-term price expectations softened for the second consecutive report, suggesting immediate price expectations may be easing slightly given slower demand growth.'
Over 2017 as a whole, surveyors expect house prices to rise, including those in central London.
The December 2016 house price index data showed a monthly drop of 0.1 per cent across the UK, minus 0.1 per cent in England and minus 1.2 per cent in London.
Regionally, the East of England experienced the highest monthly growth at 1.3 per cent, while prices in the North East fell by minus 1.3 per cent.
On an annual basis, prices across England rose by 7.4 per cent, bringing the average house price to £232,655.
Despite the dip this month, London prices rose by 7.7 per cent from January to October, making an average London home cost £474,475.
Flats and maisonettes are performing best, with a 7.6 per cent rise compared to October 2015, proving that they can be a great investment. Terraced properties have seen the slowest growth, rising by 5.4 per cent.
The average price of a new build property in England in October was £307,983, which is up 28.6 per cent up on a year ago. Meanwhile, resold property prices averaged at £210,917, which dipped by 0.7 per cent from September, but this is still 5.4 per cent higher than the same time last year.
So what does this tell us? Figures are holding steady, but we aren’t seeing the constant growth that was commonplace before the Brexit vote and extra stamp duty changes, which came into force in 2016.
Royston Williams | Partner | Davies & Partners