So, as we approach the New Year, 2017 comes to an end. It has been another eventful year in the UK and Norfolk property markets. As we look back over the year in blogs, we have brought you plenty of news – good, bad and interesting – about the property markets in the UK and at a local level.
Big stories in the Norwich and Norfolk area included the news that average deposits for first-time buyers are set to exceed £60,000 by 2027, making it very difficult for young people to get on the property ladder. The outlook has remained positive for the prime country market though, as we reported in the autumn, with average price rises of 3.4%.
Also in the city, a thriving retail scene is beating the decline of the high street, and new transport links such as the London in 90 project and Northern Distributor Road will make the city more accessible.
At a national level, there are predictions that house price rises could go up by as much as 56% by 2027. Also, interest rate rises by the Bank of England for the first time in years have made borrowing that little bit more difficult. But then in the 2017 budget, the government removed stamp duty for first time buyers on properties up to £300,000. This is in an effort to keep property affordable for more people.
We’ve brought you news about how cryptocurrencies such as Bitcoin (very much in the news at the moment) are revolutionising the way people buy property, and how the property cycle works and where we find ourselves in it at the moment. Fears of a new property crash have been unfounded so far and we’ve all been watching with interest at the way Brexit is unfolding and trying to figure out how it will affect the property market at a national and local level.
So, we’d like to wish you all a very happy Christmas and a great New Year from everyone at Agile. We hope that Santa brings you everything you asked for and that you have a great time over the festive season.
We’ll be back in the New Year bringing you more news about the property market. And as always, we look forward to hearing from you and discussing property ideas. Just get in touch if you want advice, or just a friendly chat about the coming year.
To find out more about the local and national property market, or if you would like to chat about anything to do with property investment, give us a ring on Norwich 01603 567804 or send us a message.
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