03.01.2017 London property price predictions for 2017

03.01.2017 London property price predictions for 2017

In 2016 the capital’s annual house price grew for 3.7%. According to the Office of National Statistics the average property price in London is £474,000, more than double the price of £217,000 in the UK as a whole. In 2016, however, there was a slowdown in activity due to a stamp duty surcharge on buy-to-let and second homes, which was the most significant change in the property market last year. Since April, anyone buying a second home has had to pay a 3% stamp duty surcharge. This meant that, for the properties priced at more than £1.5m the SDLT rate reaches 15%. As for the 2017, the experts have a wide spread of predictions for property market – from price falls overall to price rises. The difference in experts’ forecast reflects the uncertainty regarding the UK economy next year.

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