Residential property sales in the UK expected to remain steady in in the UK in 2017 and first time buyers will find it easier to get on the housing ladder, according to estate agents.
After a year of political surprises and economic uncertainty almost half of estate agents, some 43%, believe that prices will stay the same over the coming year, the latest research from the National Association of Estate Agents (NAEA) shows.
They believe that house price growth will stall and this means that first time buyers should find it less onerous. Indeed some 29% of NAEA members think sales to this group will increase in 2017.
To help members focus on the market in what could be another jittery year with the UK Government due to trigger the official process of leaving the European Union by the end of March 2017, the association thinks first time buyers should be in a better position to get better value for money from homes that need work done on them.
As help for first time buyers is currently focused on new builds, there is a potential gap for agents to focus on helping the group buying older properties as such properties are better value for money in the long term, according to the NAEA.
The association also points out that the Government should be applauded for making policy changes to help realise its house building targets, there still has not been a significant increase in the number of properties being built.
‘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,’ said Mark Hayward, NAEA managing director.
‘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,’ he explained.
‘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 downsize,’ he added.