Overall the UK housing market 2016 ended on a high in with growth recorded at 4.5% which was the same as 2015 according to lender, Nationwide.
This growth was achieved despite Brexit and stamp duty changes seen within the UK housing market in 2016.
Not everywhere saw the positivity though; For the first time in 8 years, London only saw an annual growth of 3.7%, which was not only below the national average, but also way below the annual growth achieved in the capital in 2015 at 12.2%
Month on month, November to December 2016 saw a national growth of 0.8% bringing the national average home price up to £205,898 from £204,947 the previous month.
Nationwide’s Chief Economist, Robert Gardner commented
The UK housing market was in a largely stable condition in 2016. Despite annual house price growth in the capital being lower than the rest of the UK, the North and South of England continued to grow. House prices in Wales, Scotland and Northern Ireland remained subdued.
Now the UK Housing Market 2016 is over – what is in store for 2017?
Despite the continued growth in 2016, there are still uncertain times ahead for the UK housing market. Growth and house prices will mainly depend on wider economy progresses, which are practically impossible to predict with Brexit looming.
Danny Luke, Managing Director of the UK’s largest cash house buyers, Quick Move Now commented;
2016 was a year of ups and down for the UK housing market. Huge uncertainty overwhelmed both the political and economic arenas, which undoubtedly had an impact on the UK housing market confidence.
Although the initially ‘panic’ reaction seen after the EU vote has calmed, 2017 comes with another wave of uncertainty, as no one can predict the effects of article 50.
Despite the uncertainties we are facing, Quick Move Now are still buying properties across England and Wales.