What’s in store for house prices in Ringwood and the New Forest this year?
One of the major factors affecting house prices in 2016 was the lack of homes going on the market. With demand outstripping supply, prices continued to increase throughout the year. According to Rightmove average house prices in the South West increased by 6.6% in 2016.
This year property expert predictions are wide ranging with some forecasting that the upward price trend will continue, and others reckoning on an overall price drop. Rightmove are forecasting a conservative 2% increase in 2017, however this would be the seventh consecutive year of rising prices. Their statistics show that demand for properties increased in November 2016 creating a buoyant market, and this has continued as we enter 2017 ensuring prices will not fall any time soon.
What are we predicting for the Ringwood and New Forest area?
Rightmove statistics demonstrate a significant decrease in the number of properties sold compared to 2015. This is most likely due to the economic uncertainty caused by Brexit in 2016, and a dip in consumer confidence. However, Ringwood benefits from the New Forest on its doorstep, and given the improving confidence in the economy 2017 will hopefully see prices stabilising if not increasing again.
In 2016, New Forest house prices were up 5% on the year before. According to Zoopla, property prices over the last 3 months have continued this trend showing a slight increase. New Forest properties have always enjoyed premiums above the rest of Hampshire, largely because its national park status makes it a sought-after area. It is very likely that property supply will not keep up with demand again this year keeping prices rising steadily.
If you are thinking of selling or curious to know the current value of your property, contact our award winning property experts who will be happy to provide a free no obligation market appraisal for you. Click Here for a free valuation or call 01425 489333.