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Market Overview - April 2017After a somewhat hesitant start to 2017, we are seeing activity across our area on the rise.
Housing supply remains a major constraint across the housing market nationally, and this is no different across Essex and Suffolk. However, a number of new housing developments are underway (Colchester, for example is witnessing expansion at a great pace), and with the publication of the Government’s Housing White Paper in February, housing remains very much on the political radar.
As a business we have seen a marked increase in enquiries and activity surrounding commercial properties and land development. As always, and across our branch network, we see that properties for sale and to let, when competitively priced, do not stay on the market for long, such is the demand.
Government data reveals that the private rented sector has doubled in size since 2004 with the number of people privately renting now higher than in the early 1960s, according to official figures and so demand for rental properties shows no sign of abating.
Over the next five years, the Royal Institute of Chartered Surveyors (RICS) has reported that its members expect average British house prices to increase by just under 20 percent, while rents were seen rising by more than 25 percent.
As Britain triggers the process of leaving the EU, industry leaders say there will be no return to the rapid rises in commercial and residential property prices that dominated the UK market in the two years to the end of 2015 but fears of an immediate crash have abated.
Britain’s housing market has held up more strongly than expected since last June’s Brexit vote, but RICS reported static demand from new buyers in January this year. Just 5 percent of surveyors reported higher demand, the lowest since August.
The economy 2017 – The Figures*
• Growth forecast for 2017-18 upgraded from 1.4% to 2%
• GDP output expected to increase 1.6%, 1.7%, 1.9% and 2% in subsequent years
• Inflation forecast to rise to 2.4% in 2017-18 before falling to 2.3% and 2.0% in subsequent years
*Source: Spring Budget 8/3/17
The East of England
Source: Barclays local insights for East of England, 3rd Quarter 2016
|Properties sold over a three month period:||20,698|
|Average sale price for a property in the region:||£295,497|
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