British house prices forecast to grow everywhere in 2017 - except THIS one area
12-04-2016
HOUSE prices are set to rise across Britain next year, with the exception of one major city where values are on course for a fall, according to forecasts by estate agent Knight Frank.
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House prices in 2017 are set to keep growing.
And, surprisingly, that city is London – until now the nation’s premier property cash cow.
The South West is expected to see the strongest growth next year, followed by the East of England and the East and West Midlands, the high end agency predicted.
It comes after Britain's housing market beat Brexit predictions of doom this year, said Knight Frank.
Growth is expected to continue across the country in 2017, except in London.
After years of bumper growth, the capital's market is set to finally run out of steam - and price falls of one per cent have been predicted.
High end property in West London has already seen values crash by seven per cent in 2016, showed Knight Frank analysis.
Overall London mainstream prices increased
Britain's most expensive streets 2016
Property website Zoopla is today revealing some of the most expensive streets across Britain, where there are 12,418 streets with an average property value of £1m+. Ann Street, Edinburgh, is among the most expensive across Britain and has an average property value of £1,369,804.
After years of bumper growth, the capital's market is set to finally run out of steam - and price falls of one per cent have been predicted.
High end property in West London has already seen values crash by seven per cent in 2016, showed Knight Frank analysis.
Overall London mainstream prices increased by an average seven per cent in 2016 - below the East of England and the South East where values jumped by eight and 7.5 per cent respectively.
Next year prices in Wales are expected to remain flat, while small growth of 0.1 per cent is expected in Scotland.
Liam Bailey, Global Head of Research at Knight Frank, said: "Both the London and wider UK housing markets outperformed expectations following the referendum.
"After a sharp dip in confidence just after the vote, conditions have improved into the autumn.
"On most measures the mainstream UK market continues to perform strongly – with annual price growth likely to end this year at five per cent."
Knight Frank
Knight Frank Residential house price forecastsley added: "The ripple of price growth from London continued in 2016 and we expect the end of year position to be that the East of England and the South East will both see stronger growth than that in Greater London."
"Looking into next year we believe that the slowdown in prices which has been evident in central London over the past 12-months will spread to the wider region, with Greater London prices down marginally in 2017."
"Looking into next year we believe that the slowdown in prices which has been evident in central London over the past 12-months will spread to the wider region, with Greater London prices down marginally in 2017."