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The Only Way Is Up – Property Predictions For 2016
None of us know exactly what lies ahead, but experts always have their views; as do everyday people who like to keep a keen eye on their property prospects and wider finances. A recent survey has asked public opinion on a range of issues, including house prices and salaries – and most predictions involve increases.
According to readers of financial website LoveMoney.com, several aspects of our economy could experience a rise in 2016. More than a fifth of survey respondents agreed with the Royal Institute of Chartered Surveyors (RICS) that house prices were likely to increase by 6% or more, while nearly half also agreed that they would go up, but probably only by up to 5%.
UK homeowners with tracker mortgages are always keen to keep an eye on the Bank Of England’s base rate, for which a rise has long been anticipated in recent times – and LoveMoney’s reader research revealed expectations of a small increase (0.75%) among 49% of people. However, 33% believe nothing will change.
Meanwhile, 50% of people believe that inflation will increase by 1%; with incomes optimistically expected by nearly half of survey respondents to increase by 2%. If the latter materialises, it could be good news for those hoping to buy homes, who require proof of a good salary to obtain a mortgage – but will the changes come soon enough for home owners keen to achieve a quick house move?
Opinions on the stock market were more varied, with 33% believing there would be an increase of 5% or less, but other opinion divided between consistency (18%), a fall of 5% (17%), an increase of up to 10% (12%) and other potential changes.
If you’d like to improve your personal financial situation by selling your home, ask National Homebuyers for advice. We’ll buy any property and can help you sell your house quickly.
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