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House Prices Projected to Continue to Grow in 2017

UK property prices are set to grow for the seventh consecutive year, according to a new property index.

UK Property Investment

UK property prices are set to grow for the seventh consecutive year, according to a new property index.

In their monthly property report, property listing website Rightmove has revealed their forecasts for next year, with the company projecting growth of 2% for the market in 2017.


The rise in property values is expected to be driven by the discrepancy between the upswing in demand and a lack of new supply in the market, as the vast demand for property overshadows the uncertainty following Brexit.


Looking at the current health of the UK property market in 2016, the firm also reported strong annual growth for November, with a rise of 4.5% from 2015 and, at the time of writing, an increase of 3.4% for December.


The number of sales agreed also increased in all regions excepting London, with a rise of 5.2%. This was led by the regions as Yorkshire and the Humber generated sales agreed of 15.4%, whilst the North East and Wales achieved 13.3% and 11% respectively.


However, limited availability of properties remains a challenge for the market according to Rightmove, with the proportion of housing stock available per agent falling by 5% and new listings increasing at just 2% last month.


Commenting on the report, Rightmove’s director, Miles Shipside, said:


‘For the time being any nervousness is being overridden by high demand for the short supply of suitable homes for sale in the lower and middle market in many parts of the country.’


Last week, mortgage lender Halifax revealed that November had seen the largest growth in the UK property market for three months – its highest level since Brexit.