As we approach the New Year, there are a number of hurdles on the horizon but scope to remain hopeful. With further interest rate rises expected, Brexit negotiations to overcome and the cost of living escalating, the property market could see significant changes next year. NAEA Propertymark and ARLA Propertymark share their predictions for the rental/buying market, looking ahead to 2018.
ARLA Propertymark’s predictions and hopes for 2018, from David Cox, chief executive:
- Almost three in five (59%) letting agents think rent prices will rise next year, compared to just 19% who predict they will decrease
- Two thirds (62%) expect the supply of rental stock to fall in 2018, while 53% think demand will continue to rise
- Seven in ten letting agents expect private rented taxes to rise further next year, as agents start altering their business models to survive in the wake of the Government’s ban on tenant fees.
NAEA Propertymark’s predictions and hopes for 2018, from Mark Hayward, chief executive:
- Almost half (43%) of estate agents expect house prices to fall next year
- The majority expect supply to remain the same in 2018 (44%) while 29% think it will decrease and 27% think it will rise.