Nationwide Building Society has just released their first set of figures for 2017 showing that house price in January continued the upward trend seen throughout 2016.
Prices climbed by 0.2% on the previous month, with the market up 4.3% compared to this time last year.
After a fairly up and down year for the market in 2016, it is widely predicted to see a slow-down during the year ahead but remains in good shape for the time being.
Emoov CEO and property expert, Russell Quirk, shared his views on seeing the numbers.
Today is the first look at house price movement for the new year as the market whirs back into life after Christmas and, on the face of it, the overarching stability and market confidence that was seen throughout 2016 seems to have spilt over into 2017.
It’s fair to say that as far as external influences are concerned 2017 has already thrown up its fair share of curve balls, particularly across the pond. But the ripple effects of these distance influences are unlikely to reach the UK property market unless you own a second home in high-end London.
That said, this year is probably the year we see some form of the knock-on effect from the turbulence of 2016 where price growth is concerned. But this is likely to come in the form of a slower rate of escalation rather than a negative movement.
Despite this potential marginal slowdown, it is widely predicted that the market will remain robust throughout the coming year and prices will maintain their upward trend, which certainly seems to be the case based on today’s numbers.
A new year and another increase in house prices will provide a positive outlook for UK homeowners in 2017, perhaps not so positive for those still struggling to buy.Russell Quirk