The end of a year always signals that it is time to look ahead at what’s to come. We may be finished with 2017 and all its tumultuous events but 2018 is about to begin and it pays to be ready! Barton Wyatt estate agents Surrey have been spending some time delving into the predictions for the property market in 2018, taking into account political and cultural events to explore what could happen in the British real estate industry. They have kindly shared the article below.
The UK Property Market
Overall, it is pretty hard to forecast what’s going to happen over the next few years because of Brexit and our currently rocky political climate, but that doesn’t, by any means, make us think that next year’s going to be a bad one for property. The aftermath of Brexit proved that anything can happen! Everyone, even us, expected it to take a pretty bad toll on the property market, but in fact it’s remained steady and pretty strong since we decided to leave the EU.
With all these things considered, we expect to see a price growth in UK property of around 2%, not dissimilar to this year’s 2.5%. This isn’t anything drastic, but it’s keeping that line moving in the right direction when, in reality, there’s a lot going against it. It just shows that us Brits will keep on going no matter what’s going on! Investors will continue to invest, buyers will continue to buy and our nation will carry on like we always do.
A lot of the focus next year is going to be on London, as this is the one place where we expect price growth to actually suffer a little. In the best outcome, we would predict no price growth in the capital, and in the worst case we think there’ll be a drop of about 2-5% in house prices. This is because of the city’s ever-increasing living prices and unfavourable lifestyle pushing people to leave and find their home in surrounding, cheaper areas. We don’t expect to see any positive growth in the city for the next few years at least.
Surrey and the South East
The market predictions for Surrey and the South East are pretty favourable for 2018 and we’d be very much surprised if growth in prices wasn’t seen. We expect prices in these regions to increase above the rate of the country’s average of 2%, though we don’t think they’ll climb too much higher. This is great news all-round, as Surrey will continue to see high demand from buyers as it won’t reach dizzying price heights but investors will also continue to see growth in their revenue.
The Barton Wyatt estate agents in Surrey are feeling confident about 2018, being pretty certain that despite the UK’s odd position in the world at the moment and within our own land, the property market will remain moving in the right direction.Whether you are after property in Upper Longcross or rental homes in Sunningdale, get in touch with the experts at Barton Wyatt.