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2017 House Price Trends

The first quarter of 2017 has been very much business as usual with house prices likely to continue with a positive outlook for the remainder of the year. The industry has been reporting a low supply of new instructions coming to the market, which will help to sustain the growth of house prices, albeit it at a lower level than recent years with a predicted rise of, at best 2% over the year.
 
2017 will no doubt be a year of uncertainty and speculation, primarily due to Article 50 being invoked with the main cause of uncertainty continuing to be around what happens next. Stretched buyer affordability will also contribute as the average property costs have gone from around four times average income to six and a half times income. However, there is a saving grace, while mortgage rates remain at historic low levels, house purchases are likely to remain stable and maintain confidence in the housing sector.
 
The uncertainties in the market have recorded a significant fluctuation in house price rates throughout 2017 with March and April having witnessed house prices falling in two consecutive months for the first time in nearly five years and therefore, reducing the rate of house price growth to the weakest level since June 2013.
 
Low wage rises coupled with an anticipated rise in inflation will see over-priced properties generating less interest and those selling should remain realistic with their marketing price. If you are thinking of selling, I would strongly advise that you bring your property to the market as soon as possible to ensure the benefit of a housing market that remains positive with high purchaser interest.
 
As you start the process of selling your home, you’ll want to choose an estate agent that is able to advise you on how to prepare your home for sale. Excellent preparation along side a strong marketing campaign will not only reach a relevant target audience, but will maximise your eventual sale price. Blenheim Park Estates specialise in selling beautiful homes across Sheffield, Yorkshire and Derbyshire. To book a free market appraisal call 01143582020.

 
Paul Blackburn 
Managing Director, Blenheim Park Estates