Real Estate Property Price Fall by 2% in November 2016
November 2016 witnessed a fall in real estate property prices by 2%, according to property portal Rightmove. To be accurate, property prices experienced a decrement of 2.1 percent as compared to that of October 2016. It was fairly expected and is in accurate associated with the average over the last 6 years.
Impact of Brexit
According to real estate market experts, Brexit has a great impact upon the UK real estate market as prices rose pretty quickly and it’s now out of reach for some buyers. However, Brexit may or may not have long lasting impact upon the UK real estate economy.
Price Rise in Real Estate Market
According to Rightmove analysis team, as far as the housing marketing condition is concerned, it cannot be said pretty with assurance that it would recover soon or not. Analytics are predicting a 2 percent house price growth in 2017 in the UK but these predictions also state that inner London housing prices would fall by 5 percent as well. On a similar note, real estate property prices for outer London are expected to rise by 3 percent in the coming months.
Housing property prices for Greater London fell by 4.3 percent in December 2016 and is now 0.1 less than that of the same month in the last year. In December 2016, average price of a house in Greater London is £616,160. Similarly, Northern London housing market experienced a heavy price fall of 15.3% in December 2016 and the average price here is 17.7 percent less than what was exactly a year ago. In December 2016, average price of a house in Greater London is just touching £1m.
Wales and England experienced a price fall of 2.1 percent in the housing asking price in December 2016. However, it is important to note that market prices for these real estate markets rose up to 3.4 percent in 2016 overall.
Inner London housing prices are also expected to stay weak throughout the year. However, a 3 percent housing price rise in expected in 2017 for London housing prices.
The year 2016 overall got a property market growth of 3.4 percent and it is expected that 2017 will witness a property price growth up to 2 percent due to the weakened market pace. However, property prices would still increase.
October 2016 experienced a price inflation, which followed a slight decrement in housing prices in November 2016.
Although the property market experienced a relatively slow growth rate yet it would still be considered the consecutive 7th year of property price increase.