2016 proved to be another year of steady house price growth across the UK in general. Property prices increased by 4.5% on average, the same level of increase as in 2015. As of December, the average UK house price was £205, 898. Property in the North West saw an average growth of 5% with the average property valued at £150,000.
Analysts are expecting growth over the course of 2017, but at a slower rate compared to previous years. Nationwide’s Chief Economist Robert Gardner states: “Like most forecasters, including the Bank of England, we expect the UK economy to slow modestly next year, which is likely to result in less robust labour market conditions and modestly slower house price growth. “But we continue to think a small gain – around two percent – is more likely than a decline over 2017 as a whole, since low interest rates are expected to help underpin demand while a shortage of homes on the market will continue to provide support for house prices.”
Property developers in Manchester City centre are particularly active with 10,000 apartments under planned or scheduled for building in the new few years. This is in addition to multiple office developments, art venues and hotels. Whether this new stock will have an effect on prices in the city centre will depend on demand. Currently demand in Manchester city centre remains high.
Landlords are reminded that the deadline for your tax self assessment submissions is 31st January.