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UK property will increase by 3% on average in 2017 predict RICS.

Surveyor's crystal balls believe 2017 will see -

Transactions will stabilise, but fall short of 2016
Restrictive supply will pushing prices up by 3%
Rents up by 2-3%

RICS guesstimate that transaction activity in 2017 will be between 1.15m and 1.2 m properties ( below the 1.25 m expected for 2016).

With UK house price growth of 3% predicted in 2017, surveyors picked out East Anglia, North West and West Midlands as their favourites to out perform the national average.

They believe Central London will stabilise after a poor 2016.

RICS Simon Robinson comments:

'Although recent announcements by the government on housing are very welcome, the ongoing shortfall of stock across much of the sales and lettings markets is set to continue to underpin prices and rents. As a result, the affordability challenge will remain very much to the fore for many. Meanwhile the lack of existing inventory in the market is impacting the ability of households to move and will contribute toward transaction activity over the whole of 2017 being a little lower that in the year just ending.'

UK housing forecast | Prices will see an average increase of 3% over the course of 2017. https://t.co/MvPSjq5kis #RICSresi #UKhousing pic.twitter.com/chp17YRdcK
— RICS (@RICSnews) December 21, 2016

UK house price growth will slow to 3% in 2017, say surveyors https://t.co/77zHdDqoYk
— Guardian news (@guardiannews) December 21, 2016

RICS: Housing supply is 'a major constraint' https://t.co/HqXc7t2kTk
— BBC Business (@BBCBusiness) December 21, 2016

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The Halifax House Price Index for August 2016 reflects the market slowdown.

Halifax housing economist, Martin Ellis says:

"House prices in the three months to August were 0.7% higher than in the previous quarter; down from 1.5% in July. The annual rate of growth fell from 8.4% in July to 6.9%.

House price growth continued the trend of the past few months in August with a further moderation in both the annual and quarterly rates of increase. There are also signs of a softening in sales activity.

The slowdown in the rate of house price growth is consistent with the forecast that we made at the end of 2015. Increasing difficulties in purchasing a home as house prices continued to increase more quickly than earnings were expected to constrain demand, curbing house price growth.”
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