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Our Strategic Partners Savills provide an update on the UK Housing Market as the UK sees a modest price growth.
House prices showed a modest rise of 0.3% in November, according to Nationwide. This puts them at 1.4% up from the start of the year, on track to slightly overshoot Savills annual growth forecast of 1.0% for the country.
The areas showing the strongest house price growth in the year to September were the Forest of Dean and Burnley, both at approximately 10.5%, followed closely by Stirling, at 10.0%. The greatest falls remain in London, with Kensington & Chelsea and Westminster showing annual drops of 9.9% and 6.3% respectively. Savills expect growth to return to the central London market once there is more clarity around our relationship with the EU.
Annual rental growth rose slightly in the year to October to 1%, according to the ONS. The East Midlands continued to show the strongest annual growth at 2.7%, followed by the West Midlands at 1.8%. London rents have continued to soften, with rents 0.2% lower than this time last year.
Savills expect transaction volumes to be reasonably stable over the next five years, assuming some clarity is reached around Brexit. When that clarity comes, it may generate a resurgence in demand and activity.
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