House prices will rise 2.0 per cent in 2017, below the rate of inflation and just under half the rise predicted prior to Britain’s vote to leave the EU.
That’s the result of a poll of 20 estate agencies and property organisations undertaken by news service Reuters. The polled firms include the Council of Mortgage Lenders, Savills, the Nationwide building society, eMoov and Knight Frank
Eight say there has been no change to the market after the Brexit result, while 11 say the market is worse and one says it is a lot worse. ”None of the respondents to an extra question said their opinion on the future of the housing market had improved since the referendum” says Reuters.
However, a broader poll of 25 economists - also undertaken by Reuters - suggests prices may rise next year by 2.7 per cent; this is slightly higher than the predicted rise made by economists in a similar survey just before the EU referendum.
But the economists say much depends on the success or otherwise of negotiations after the triggering of Article 50. “Therefore, the vast majority of respondents in the poll said there was move chance of them being wrong than right” warns Reuters.