7 Dec

UK property market growth 'set to slowdown'

UK property market growth 'set to slowdown'

Next year could see the UK property market experience slower growth, according to expert predictions.

Forecasts from Savills suggests house prices could remain fairly level in 2017, before a two per cent rise in 2018 and a further 5.5 per cent in 2019.

In terms of rental property, rents are expected to outperform house price growth as demand continues to outpace supply ā€“ meaning rents could increase by 19 per cent by 2021, compared to 13 per cent rises in house prices.

House prices are expected to rise the greatest in the East of England, followed by the North and Scotland.

Investors are likely to continue to be drawn to property despite the Brexit uncertainty, but many will look at restoration projects within commuter regions to maximise returns.

Mark Ridley, chief executive officer of Savills UK and Europe, said: "In the UK the markets continue to appear robust in all sectors, although there remains some hesitation on what Brexit will mean in the financial markets, around biomed and also in an agricultural market place without European Union subsidies."

He added: "The sterling devaluation has made UK property very attractive for international investors pegged to the US Dollar or Euro, with 2017 activity in Central London likely to be dominated by Asian investors, with American and Pan-European investors also strong nationally."ADNFCR-1222-ID-801829584-ADNFCR

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