Rightmove predicts 1% rise in UK house prices in 2018

Property website says 2% price falls in London will be offset by increase in value of homes elsewhere

Estate agent boards
 British homeowners have seen the value of their homes rise 30.9% over six years. Photograph: Andrew Matthews/PA

Rightmove is predicting that house prices across England and Wales will rise by 1% in 2018, but there will be a further decline in London.

In its annual report on the market, the property website predicts that 2% price falls in the capital will be more than offset by an increase in the value of small and medium-priced homes around the country.

Rightmove said the average asking price for an English or Welsh home stands at £302,865 – a 2.6% fall on November, but 1.2% higher than a year ago.

A 1% average increase would represent the lowest annual increase since the 0.8% rise recorded in 2011, it said.

Analysts at the website, which claims to list 90% of estate agents’ properties, said they expected the price of properties typically bought by first-time-buyers (two beds or fewer) to increase by 3% next year.

The site also said it also expected second-stepper homes (non-detached homes with three or four bedrooms) to increase by 2% over the next 12 months.

This time last year, Rightmove predicted that national asking prices would rise 2% during 2017. The increase was in fact 1.2%. Its prediction that inner London prices would fall 5% proved more accurate, as they fell 4%.

Monday’s report chimes with another from the estate agent Savills, which last month also predicted that average prices would rise 1% next year. It said the UK’s housing market had proved “stronger than expected” this year, rather than stagnating, as the estate agent suggested a year ago.

 

From    https://www.theguardian.com/money/2017/dec/11/rightmove-predicts-1-rise-in-uk-house-prices-in-2018

 

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