How will 2017 shape up for the housing market?

With a dramatic 12 months of turmoil within the industry finally over, can vendors and their prospective buyers afford to be optimistic for 2017?
For the majority of people who hoped for a fast house sale in 2016, the year itself seemed to go from bad to worse, as uncertainty regarding the future of the market grew to levels that stifled both the economy and their expectations to be able to move on with their lives.

From the stamp duty hikes in April, to the Brexit vote in June – as well as numerous celebrity deaths and finally the defeat of Clinton by Trump in the race to the White House – it was a year that will be remembered unfavourably by most. And as confidence levels in the housing market continued to fall, it is a year that many would rather forget.

However, with a new year comes renewed hopes – and according to property selling experts there are plenty of reasons to be buoyant about the next 12 months… as long as you don’t own a home in London, that is.

As property index Hometrack found in a recent survey, the growth of house prices in the capital sank to its lowest level for three years, while rental prices dropped by 0.7% versus the same time last year. Moreover, across the entire country the number of 25-year-olds who own a property was found to have halved in the last 20 years – a worrying figure for those looking to sell fast.

But what about 2017? While the predominant belief is that house price growth will be slower on average across the country, a large proportion of those homes are located around London, skewing the figures somewhat. Those who live in more distant regions such as the North West, West Midlands, and East Anglia will benefit from a higher than average growth in the value of their homes – a welcome respite from the doom and gloom surrounding Brexit.

For sellers, the continued failure by the government to meet the target of new-build homes across the nation should push up the value of their domiciles, especially in highly populated areas such as Manchester and Liverpool – despite the number of new-builds being at their highest level since the financial crisis almost ten years ago.

The greatest factor in ensuring industry growth, however, is whether or not the government decides to trigger Article 50 before the year’s end – a process that may or may not work in favour of homeowners. While some believe that the UK could enjoy the freedom and benefits felt by Norway thanks to its refusal to join the EU in 1972, the vast majority of UK residents as well as a number of Norwegian officials believe that the UK could face an uphill battle to maintain its position as a financial powerhouse once Article 50 has been finalised.

There are also rumours that the stamp duty rise enacted by George Osborne could be reversed if Philip Hammond decides to follow the advice expected to be given by the Housing White Paper due to be released this month – allowing landlords to lower rental costs and give those stuck in the rent-trap a chance to save for a deposit of their own.

Considering the events of the previous year, 2017 is looking to be a mixed bag. While the industry has prepared itself for the worst, there are signs that those in Northern areas who are looking to sell could enjoy larger-than-expected profits on their property if they are willing to play the waiting game. Of course not everyone has that freedom and as a result need to sell fast. For those in this position, quick house sale companies will buy any house for cash at competitive prices with a fast, efficient sale process.

Looking to move soon but unable to find a buyer? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.