The latest research by home moving company AnyVan.com has shown nearly half of Brits (41%) do not expect property prices to increase in the next three years.
With Brexit now firmly on the horizon, uncertainty over our imminent departure from the EU weighs on property buyer and seller confidence. Many are waiting for the dust to settle but there are many still expecting home values to increase this year. One out of five homeowners are hoping for property prices to increase over the next 12 months with this growing to over a quarter (27%) next year and a third (32%) for 2020.
In the capital, the weak pound might have pushed international buyers in prime central London to its highest level for six years but for the majority of Londoners, they’re predicting very uncertain times ahead for the value of their home. 40% of homeowners in the capital do not expect to see any property price increases in the next three years. However, many are more positive on the bouncebackability of the London property market with a third (31%) predicting values to rise in 2020 and 2021.
Elsewhere in the UK, Scottish and Welsh residents predict tough times ahead for property values. Over half (53%) of people in Wales do not expect to see values increase in the next three years with over a quarter still expecting prices to fall in 2021. In Scotland, 32% of people expect a decrease in values this year with 29% in 2020 and 22% in 2021. Leeds (29%), Bristol (24%) and Newcastle (27%) have the biggest per cent of homeowners predicting rises next year with 35% of people in Birmingham and 34% in Southampton forecasting prices to increase when we hit the year 2021.
Moving expert Angus Elphinstone, CEO of AnyVan.com said, “Our latest property research gives a good indicator of the sentiment of British homeowners. While there have been recent statistics about the slow down of property transactions and areas experiencing falling values, it seems the country is still split on their view on property price growth in the years to come.
“Things will become a lot clearer once we leave Europe, but with 41% of the nation not expecting property price increases in the next three years, it’s clear to see Theresa May and her government have a lot of work to do. “