UK House Prices to Rise in 2018

According to property firm Rightmove, housing prices in England and Wales will rise by 1% overall. However, house prices will decline in London by a predicted 2%.

The average asking price for a home in England and Wales is currently £302,865 which is 1.2% higher than the same time last year.

An increase of approximately 1% is the lowest per annum increase since that of 2011 which was 0.8%.

Rightmove also assert that they expect the price of homes purchased by first time buyers to increase 3% next year and homes purchased by "second steppers" (typically homes with three or four bedrooms) to increase by 2% within the next twelve months.

According to Rightmove's Miles Shipside, the average rise of properties over the past six years has been 30.9%, with the peak of this growth being achieved in 2015. However, the pace of growth fell sharply afterwards, falling from 7.4% in 2015 to 3.4% in 2016.

Increasingly stretched buyer affordability, tighter lending criteria and higher stamp duty for second home owners all contribute in lowering the upward pressure on prices (Miles Shipside, Rightmove, December 2017).

Within London, Camden & Newnham rose the most with rises of 19% and 9.8% respectively.

The biggest falls within London were recorded in Islington and Hammersmith & Fulham with a fall of 10% for both.

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