Rightmove forecasts 2 per cent rise in house prices

14 Jan 2017, Lucy Racheva   Read the original article

Rightmove property portal is forecasting a 2% rise in house prices in 2017, following a strong month of sales activity in 2016.

For the housing market the uncertain outlook has meant a head and heart tug of war between stay put and carry on moving. After a pause the mass-market seems to have opted firmly for the latter in most parts of the country., comments the Rightmove director, Miles Shipside.

The price of property coming to market in 2016 is currently up by 3.4% compared to a year ago, so while a forecast rise of 2% in 2017 is a lessening of the pace, it would still be the seventh consecutive year of rising property prices.

The portal predicts prices will grow 2% across the UK, with a fall of 5% in Inner London and an increase of 3% in Outer London.

This momentum will continue in 2017, as long as banks continue to offer financing at affordable rates. Supply levels, though, remain tight compared to a year ago, in terms of both new-to-the-market listings and available stock for sale.

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