As we move into 2017 what are the predictions for property prices in our area? I’ve been looking at what leading property companies, estate agents and prominent newspapers have been predicting for house prices in the UK for the coming year and it appears that they’re all saying very much the same thing. Led by the property website Rightmove the majority of people seem to be predicting that house prices with exception of London, but right across the UK will rise by an average of 2% over the next year. This seems rather a low figure compared to prices that we have seen over recent years, but we need to remember that average asking prices were still 3.4% higher in December 2016 than in December 2015 and I’ve been looking at whether this view of the market has been reflected in recent house prices in Alfreton and Ripley?
Over the last 3 months house prices in Alfreton and Ripley have continued to follow the national trend and property values have increased in both areas. The average Alfreton house price has increased by 1.7%, and in Ripley, the average house price has risen by 2.71% so our area still remains a good place to invest in property whether you’re looking for a house to live in or you’re looking for a house to invest in such as a Buy To Let property.
The fact is, there is still a high demand for the short supply of homes that we have here in the UK, and that applies to our area too. In my last article I talked about the new housing developments that are popping up around our region, and with the general consensus that supply isn’t going to meet demand for several years to come, in this situation, prices will continue to rise. There are of course a few uncertainties on the horizon that might affect our housing market in the future, for instance, the government still has to invoke Article 50 and that might cause the markets to wobble, to what extent though, we don’t know, as this is new territory for us. If the reaction of the property market is the same as that to Brexit we might see a little uncertainty, but it is likely that this will still be overridden by the high demand/short supply equation which will continue to keep prices buoyant. According to my research, at the moment it seems you’re more likely to see an increase in the value of your Derbyshire property than you are if you invested in an central London property.
That is great news for all of the homeowners and property investors in our area and as we move into a brand New Year we can seek to build on the successes of current prices in the housing market.