The property market is continuously changing, and although nobody can never be sure exactly what lies around the corner, property industry experts often make reliable predictions. So what does the forecast look like for 2016?
It appears that house prices are all set to rise in the coming months, but as is so often the case, each area of the country will be subject to varying changes throughout the year. The UK economy is getting stronger overall – with unemployment rates continuing to fall and the average wage continuing to rise – but the main issue appears to be that prices of homes will increase at a steady pace for most regions in the country.
The good news for people looking to purchase properties in the north of the country is that this region of the UK is likely to see the most modest rises – which makes living above the midlands the best option for many first-time buyers operating on a bit of a smaller budget. East Anglia is predicted to see the worst of the price rises, with experts forecasting that property in this area will increase by 8% during 2016. London is likely to see a rise of 5%, whilst the North East fares best with a smaller rise of 2.5 - 3%.
Price changes for the North West of England appear to be a little more uncertain. Most property experts are in agreement that the cost of buying a home in this region of the UK will almost certainly rise during 2016, but there appears to be a degree of inconsistency in predictions as to how much they will actually rise by. The Bank of England’s governor Mark Carney has predicted that house prices in the North West will increase by around 3%, whereas the Royal Institute of Chartered Surveyors (RICS) predict an increase of around 6%.
The general consensus is that anyone looking to buy a property during 2016 ought to do so sooner rather than later, with costs set to climb as the months pass. A spokesperson for RICS echoed this view, claiming that the UK house market was set to abandon its “boom and bust” cycle and instead see “gently rising values” over the course of the next few years.
Whilst house prices in many areas of the UK are forecast to climb during the course of 2016, there is some good news on the mortgage front for anyone looking to buy. At the end of last year, UK mortgage approvals for homes reached an eighteen-month high.
Are you house hunting in north Manchester or south-east Lancashire? Would you like to put your property up for sale? If yes, and you have questions about the UK property market, Weale & Hitchen can help. For more information, contact one of our friendly advisors today.
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