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Rightmove forecasts slowing in house prices rise in 2018

Monday, Dec 11 2017
Rightmove forecasts slowing in house prices rise in 2018

Home owners have had a good run, with every year since 2011 seeing a rise in the price of property coming to market, and the national average rise over those six years being 30.9%, equivalent to 4.6% per year. 2018 will continue the 2017 trend by being a real mixed bag of different price pressures both up and down, but the net result is that we forecast another year of a slowing in the pace of price rises. The peak in the cycle of rising prices was 2015’s annual jump of 7.4%.

The following year saw price growth more than halve to 3.4%, while 2017 is finishing up at 1.2%. Increasingly stretched buyer affordability, exacerbated as intended by tighter lending criteria and increased stamp duty for secondhome-owners, is taking its toll on upwards price pressure. It is aided by a slowdown in the higher-end markets, with the influence of a re-adjusting London being a weighty factor on the national averages. The overall price growth slowdown that we are predicting for 2018 masks a somewhat tangled web of differing supply and demand factors, some favouring price increases and some in favour of price falls.

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