What will 2017 look like for the property market?
According to a lender annual house price growth fell in January, this fall is also expected to continue into 2017.
The Halifax, part of Lloyds Banking Group, stated that property prices rose by a huge 5.7 per cent in the year to end of January.
This is much slower than the previous month with the figure sitting at 6.5 per cent annual growth, the typical home is valued at £220,260.
The new figures come the day where a new housing strategy is set to be unveiled.
Prices in the three months to January were 2.4 per cent higher than the previous three months.
Jeremy Leaf, a north London estate agent, said: “The figures show a broadly slowing market in response not just to seasonal but other factors, which we have also noticed in our offices.”
“Worries about rising inflation and what this means for general living costs and interest rates, as well as stricter mortgage criteria and the focus on affordability, are having an impact on people’s decision-making.”