Shocking and mostly negative headlines sell newspapers, which is why we’re inundated with bad news. To correct that trend, we thought we’d share some of the insight we have received from several sources over the past few months to shed some light on what is going on in the economy and what that might mean for the housing market:
There is plenty of optimism surrounding the global economy. The Eurozone’s surprise recovery in 2017 has created confidence for the year ahead, even the President of the European Central Bank (ECB) signed off the year with a more optimistic outlook. In fact, the IMF think economic growth in the Eurozone will reach 2.2% this year, its best performance in a decade and in contrast to their forecast for growth in the UK of 1.5%. Meanwhile, the economies in France, Germany and Spain are starting to pick up pace.
With Brexit weighing on the UK, many forecasters believe there will be slow or falling growth in the South. There is a more positive outlook for the North West, North East and Scotland however, which they believe will be the star performers this year, with growth predicted to be around 1.5%. Savills have predicted a 17.2 per cent rise in prices in these regions over the next 5 years. A rate that is double what has been predicted for London. Properties around Manchester will see larger rises, with a predicted 18 per cent rise in the next five years. More modest forecasts for the region predict rises of 13.6%.
So is it a time to buy? We think so. Especially if you are a first time buyer who is able to take advantage of a stamp duty free home. Talk to us today and get your foot on the property ladder. For Haworth, email firstname.lastname@example.org or call 01535 288009 Thursday – Monday 10am – 5pm. For Fence and Glusburn, email email@example.com or call 01282 506860 Thursday – Monday 11am – 5pm.
Sources: Hamptons International, Savills and JLL.