No ‘property Armageddon’ in 2017, says NAEA
No-one could have predicted many of the political and economic events of this year, but the NAEA and ARLA have had a go for 2017.
Both have released predictions for the next 12 months based on member surveys.
NAEA members are backing house price inflation to be flat but are predicting this will help first-time buyers, with 29% forecasting that sales would increase.
They are also hoping for a shift in focus to those buying older properties: ‘fixer uppers’ are better value for money in the long term.
Mark Hayward, managing director of the 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’
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