UK Housing Market Prospects - Spring 2016

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The average UK house price rose by 4.25% in 2015, driven by a broad based recovery across the UK, with higher numbers of both home mover and first time buyer transactions.

The buoyancy seen during 2015 will persist into 2016 to deliver average price growth of 4.7%. However, there are downside risks in the form of the changing tax regime for buy to let investments and challenging economic conditions in some parts of the country. The regional economic implications of falling global demand in the manufacturing and oil sectors will take its toll on house price growth in those exposed regions.

In part reflecting a struggling prime housing market in London, we expect house prices across the capital to rise 3.7% in 2016, less than a third of that achieved in 2015. London is a complex market with many micromarkets, some of which will outperform and some underperform. The wider South East and South West will benefit from their bias towards the buoyant service sector and a degree of housing market catch-up.

Source : BNP Paribas Real Estate

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