Prices in Central London are reportedly set to stabilise after recent declines according to the RICS.
House prices in the UK will see an average increase of 3% over the course of the new year as the number of transactions stabilises according to the RICS housing forecast for 2017.
The housing forecast released today predicts house prices to rise across the whole of the UK in 2017 with an average increase of 3%.
Prices in Central London are reportedly set to stabilise after recent declines according to the RICS.
In terms of transaction activity, the report claims the numbers are likely to come in between 1.15 and 1.2 million.
Simon Rubinsohn, chief economist at the RICS, said: “The ongoing shortfall of stock across much of the sales and letting markets is set to continue to underpin prices and rents. The affordability challenge will remain very much to the fore for many.”
Stephen Smith, director at Legal & General, added: “Today’s housing market forecast from RICS paints a more positive picture about the future of Britain’s housing market.
“In an ideal housing market, house prices would rise slowly, slightly below annual wage growth. This would help the market to return back to equilibrium, where existing homeowners are confident their property is appreciating in value and where first time buyers are actually able to save enough of a deposit for their first home.”
