20 December 2016

Friday, December 09, 2016 The National Association of Estate Agents

Mark Hayward FROM The National Association of Estate Agents Shares his Property predictions for 2017

After a year of political surprises and economic uncertainty, Mark Hayward rounds up 2016 by giving his property predictions for the next 12 months.

NAEA’s predictions and hopes for 2017, from Mark Hayward, Managing Director:

  • There will not be extensive house price inflation in 2017 and the number of transactions will remain steady; almost half (43 per cent) of member agents expect prices to stay the same.
  • As house price inflation stalls, first time buyers (FTB) should find it easier to enter the market. Encouragingly, almost a third (29 per cent) of NAEA agents think sales to the group will increase.
  • While help for FTBs is currently focused on new builds, we should now focus on helping the group buying older properties; ‘fixer uppers’ are better value for money in the long term.
  • Each and every time the Government defines its new house-building targets, we applaud their efforts, but we still haven’t seen a significant increase in the number of properties being built. We need to see these promises converted into bricks and mortar for a better housing market for all.

Mark Hayward, Managing Director, NAEA, said: “It would be an understatement to say this year has not gone as expected. However, the property market is mostly still feeling the effects of events which happened last year.

The high end London property market is suffering at the hands of increased stamp duty taxes, and while Brexit uncertainty definitely hasn’t helped repair this, it’s not the sole reason why London’s more expensive properties aren’t being snapped up at the same speed they were.

Next year, we expect it’ll be more of the same; there won’t be a ‘property Armageddon’, but things won’t get much better for first time buyers, and those looking to up or down-size.”

* NAEA asked members in November their views on the property market in 2017

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