House price growth is expected to slow everywhere across the UK this year and go into reverse next.
The forecast comes from Countrywide which says house prices will fall by 1% next year after growth slows to 2.5% this year.
The UK’s largest agent is predicting that house prices in London will slow to 3.5% growth by the end of this year and fall 1.25% in 2017.
In prime central London, prices are forecast to fall by 6% this year and then to stay static next year.
Countrywide says “the vote to leave the EU has unsettled the UK economy”.
As a result, it expects house prices to be affected, although it also says that higher Stamp Duty continues to take its toll on the top end of the market.
The firm believes that house prices will recover in 2017 to levels similar to the first quarter of this year.
Countrywide said that the continuing lack of supply and very low borrowing rates would remain a supportive factor of house prices.
Separately, Knight Frank/Markit’s house price sentiment index has shown that households across the UK believe the value of their home has risen this month – and will rise over the next 12 months.
The proportion of households believing the value of their house has risen gives a reading of 51.4.
Any figure over 50 indicates belief in house price increases, and the figure of 51.4 contrasts with that of 48.3 in July. However, the average figure for the first six months of the year was 59.9
Countrywide are rumoured to be shutting 75 branches in the near future, I’ll take my advise on market predictions from other sources.
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Oh dear, Countrwide really have lost their way haven’t they. Poor fellows.
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Well Countryside are bang on in my view, their sellers will see price falls.
In our area their market share is woeful and marketing non existent so anyone on the market with them will need discount their price heavily to get any interest.
There’s nobody on that ship that has any clue how to steer this 21st century Titanic away from the icebergs looming large on the horizon. Those that could were tossed overboard and now the crew are fighting to get into the lifeboats!
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Willing buyer/willing seller.
Good agent/bad agent
All factors in achieving from: fair, awful, to a better price.
Better agency practices can achieve better prices and up the % from average.
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Clueless
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I’m not disagreeing with your Exocet-style summing up, LA201625 – however you have to accept that they will be right.
They have ordained it – they will now set out to make it happen.
The only way for vendors to avoid their property value falling in the hands of CW is to not instruct them – or remove it if they already have!
Mr Ratner is clearly making excellent in-roads as their new PR Consultant…
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Dear countrywide.
Yes. According to your own data…….House prices and volumes will fall. Your so correct, That is what happens when you over value stock and shut branches.
good effort for teeing up justifications to investors after further losses in revenue,
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