What does the future hold for house prices in Preston?
What does the future hold for house prices in Preston? There have probably never been more factors at play in the UK property market than there are right now. The national market is pausing for breath as it reaches the end of the cycle which started with the credit crunch. 2016 saw stamp duty changes as well as the Brexit vote, and the impact is very much still being felt. The result of the election has added to the uncertainty surrounding the economy. So why are we so bullish about the market in Preston? Well the data shows us that in the second half of 2016, sales levels were 17.6 per cent higher than the first half, which is even more impressive when we account for the stamp duty rise in April of that year. Based on market trends, we expect the price of the average home here to reach £162,800 by the end of 2018. Projecting future price trends is never straightforward. The construction of new homes impacts on this heavily; residential developments will often increase the value of other properties in the area due to the way valuers use 'comparables'. Other important aspects they consider when determining the future value of property are upgrades to travel networks and new businesses opening in the area. The future looks bright for the local property market; now is the time to think about getting on it if you're not already, especially while interest rates remain so low. If you would like to sell your property, pop into our office for a friendly chat with one of our local experts. We’d love to help. Alternatively, find us on social media.Based on market trends, we expect the average price of a local home to reach £162,800 by the end of 2018. Source: ResiAnalytics, Office for National Statistics and Land Registry © Crown copyright 2016. Note: Dotted lines indicate estimates based on historical patterns.