Following an eventful 2016, the property market is expected to return to relative calm and renewed prosperity in 2017.
Allison Thompson, managing director at property specialist Leaders, says: “While Brexit certainly had an effect on the market last year - particularly in the run up to the vote - we do not expect it to have an ongoing impact and our forecast for 2017 is extremely positive.
“The simple fact is there are still thousands of people looking to move home and they will not put their plans on hold indefinitely, so we expect to see a high number of transactions in both the sales and lettings markets in 2017.
“We anticipate an influx of properties coming to the market throughout January as people get on with their next move - and this will give the sector a lift that is likely to ensure a strong year in both sales and lettings.”
Allison has identified five key trends that she believes will define the property market throughout the next year.
1) Stable prices across the market
House prices - for both buyers and tenants - are likely to remain relatively stable next year. This will ensure properties remain affordable for more people and should be particularly good news for those looking to get on the ladder in 2017.
2) Demand still high - from buyers and tenants
High demand is nothing new, but it is set to increase yet again next year. Leaders typically has 10 buyers for every property for sale and 12 prospective tenants for each home to rent - and these figures are predicted to rise as demand for quality housing continues to outweigh supply.
3) New year boom on the cards
Many people put off a move in 2016 due to the uncertainty created by the Brexit vote. However, the desire to move onto and up the ladder remains strong and a large number of properties are expected to be put on the market in the first part of the year, creating a seasonal boost for the sector.
4) Midlands and north-west set for greatest gains
While the market is set to remain stable, the largest rises in house prices are expected to be found in the Midlands and the north-west. These regions are packed with potential and present a golden opportunity for both first-time buyers and buy-to-let investors.
5) It’ll still be a great time to fix a mortgage
Interest rates remain at record lows, but as inflation starts to head upwards this may not remain the case beyond 2017. As such, it could be a good time to choose a fixed-rate mortgage and benefit from knowing exactly how much a mortgage will cost each month.
Allison adds: “There are plenty of reasons to be positive as we move towards 2017. Stable property prices, high demand and government promises of new affordable housing ensure there is something for sellers, landlords, buyers and tenants to pin their hopes on this New Year.”
For expert advice on selling, letting, buying or renting, contact your local Leaders branch or visit leaders.co.uk.