As we enter a new year, it’s always a good idea to look ahead – it’s
never a bad thing to be prepared! This is exactly what we’ve been doing here at
Barton Wyatt Estate Agents in Surrey. We’ve been looking at what we’ve seen
throughout 2016 in the property market to predict what we think will happen in
2017 as well as scouring the internet for wise words from industry
professionals on the matter. Here’s what we’ve found.
Article 50
In the UK, the most anticipated event of the year is the triggering of
Article 50, signifying our leave from the European Union. ‘Brexit’ was
confirmed to go ahead on February 2nd, when MP’s gave it the green
light (voting 494 to 114), and now we wait with baited breath to see what
happens. In terms of property, though, we’re not too worried. Going on what we
saw from the Brexit vote, things actually look pretty hopeful for the housing
market! Ed Stanfield, chief property economist at Capital Economics, stated
that the market recovered ‘Remarkably quickly’ after a short lull due to the referendum
result, and we expect the same to be the case for the big event. There is some uncertainty,
of course, but we’re remaining positive and expecting any effects to be minor
and short-lived.
London
2016 was a bit of a tumultuous year for London in terms of property, as
it saw its house price growth fall under the national average for the first
time in eight years and an 11,000 increase in the number of city dwellers
buying homes outside the capital compared to that of 2015. For 2017, things
aren’t expected to change too much in the city, seeing a continuously steady
flow of people leaving and heading instead to the South or to regions on the
outskirts of London. This is great news for Surrey, which is a good spot for
ex-city dwellers, and, as they usually pay more for property than the average buyer,
you may receive a better price than you expected! There’s also the effects of
the confirmation of a third runway at Heathrow, which we expect to drive even
more out of the country’s capital and flock to areas such as Surrey.
Growth and Activity
In terms of growth in the country’s property market as a whole, we’re
pleased to report that we expect things to remain steady. Growth is predicted
to rise between 1-4% which is nothing to complain about and low interest rates
will continue to appeal to buyers for a while yet, especially first-time buyers.
Many lenders are introducing even more offers on mortgage rates which is set to
propel the market into action and encourage those looking to buy to get up and
do so! A topic of interest that we’ve been looking at is the supply of property
for sale available on the market, which acts as a good barometer of market
health. 2017 has already started well for us with many significant sales, but
also with excellent new instructions, so if you’re looking to market your home
with the best Estate Agent in Surrey, now could be a very good time!
If you are looking for luxury Surrey
estate agents to sell your house through in 2017, please contact Barton Wyatt.
Barton Wyatt provide luxury and select Property for sale in Ascot. James Wyatt MNAEA, MARLA, TRC, REALTOR ® is a partner at Barton Wyatt Estate Agents Surrey. Tel: 01344 843000
