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The ‘sword of Brexit uncertainty’

The Negotiator

Rightmove strapline imageRightmove may have slightly more trouble helping buyers to ‘find their happy’ in 2017. Releasing it’s forecast for 2017, Miles Shipside, Director, said, “For the housing market the uncertain outlook has meant a head and heart tug of war between ‘stay put’ and ‘carry on moving’. After a pause the mass market seems to have opted firmly for the latter in most parts of the country.

“Although the market has built up some momentum which we expect to continue into next year, the uncertainty plus increasingly stretched affordability will continue to weigh on house prices, so our forecast for 2017 is for modest price growth of two per cent nationally. We forecast Inner London to remain weak and prices to fall by a further four per cent in 2017, as its price bubble continues to deflate, whilst Outer London is predicted to record a similar increase to this year of circa three per cent.

“As well as prices moving out of reach for some buyers, the sword of Brexit uncertainty hangs over the market, an unknown factor that may – or may not – have damaging consequences for the economy and confidence.”

What is certain is that we will not have a skewed first quarter like this year’s, which was driven by April’s buy-to-let stamp duty deadline, and that may result in transaction numbers in 2017 being slightly down on 2016.”

February 6, 2017

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