Property prices to rise steadily in the New Year

Property prices to rise steadily in the New Year

Average UK property prices will begin to rise steadily in the New Year, particularly at the lowed-end of the market, new forecasts suggest.

Leading property body Rightmove has said that the average value of a UK property at the lower-end of the market will increase by approximately three per cent over the course of 2018.

The group says that recent changes to Stamp Duty Land Tax (SDLT) announced in the Autumn Budget, which saw the tax cut on properties up to £300,000 for first-time buyers, will push up values at the bottom-end of the market.

However, its latest forecasts also suggest that mid-value or ‘second stepper’ homes will also welcome house price growth in 2018, with such properties expected to increase in value by around two per cent.

The figures suggest that now might be an ideal time to invest in such properties, particularly as Rightmove’s data for October and November suggests that values are currently falling in the run-up to Christmas.

Last month, the average price of a mid-range property newly-listed for sale was down by just over £8,000, Rightmove’s data reveals.