We are seven weeks into 2017 and the figures have now been collated to gain a fair review of the property market in 2016.
The average house price in the UK increased by 7.2% in 2016 taking the average property value in the country to £219,544, information released today shows. England had the largest increase at 7.7% with Wales (4.7%), Northern Ireland (5.7%) and Scotland (3.5%) showing modest growth.
Following the excessive growth in London throughout 2015, 2016 showed a much more realistic increase of 7.5%. As London comes back in line with the remainder of the UK, Choices Investments believe that there will be another year of growth in 2017 however we expect this to be in the region of 5%.
The region with the highest growth was the East of England which saw an annual rise of 11.3%. It is widely expected that this region will continue to grow at the fastest rate throughout 2017.
Sales slowed with the number of transactions up by 0.2% between November and December 2016, but compared with December 2015 there were 8.5% fewer home sales. The most up to date Land Registry figures available, show that during October 2016 the number of completed house sales in England fell by 34.5% to 58,853 compared with 89,884 in October 2015.