It is customary at this time of year for various industry sectors to make forecasts for the coming 12 months. The property market is no exception, with a raft of predictions appearing in recent weeks. The commentators differ in the minutiae of their analyses but are in broad consensus that the property sector’s current health and prosperity will continue into 2016.
Why are analysts so upbeat?
Perhaps the key factor is that the wider economy is predicted to continue its growth during the next year, meaning that businesses will be seeking new or bigger premises and families will be confident about buying new homes or investing in extensions to their current properties. This pattern will be most marked in London and the South East, especially in Buckingham.
Property prices, of course, will reflect the traditional characteristic of the British market, namely that demand will outstrip supply. This will encourage some property owners to remodel their existing premises by seeking the services of a Buckingham chartered architect. As we discuss below, there are policy changes afoot that will, over the long term, affect this; however, these changes are unlikely to cause significant adjustments over the next year. Experts also predict that overseas investors will continue to see Britain as an attractive option and will increase demand for commercial and domestic property.
What changes can we expect next year?
The government has announced a series of measures that, if comprehensively implemented, will have a dramatic impact on the UK property market. The proposals are designed to ease the housing crisis and involve plans to build more affordable homes, repurpose brownfield sites and calm the rental market. These ambitions face some formidable challenges and won’t come to fruition over the short term; however, developers, building firms, land remediators and architects are likely to see increased opportunities as the measures gain traction.
Forecasters suggest that the current trend for extending and remodelling premises will continue in the months and years to come as businesses and families seek to avoid the cost and inconvenience of moving. This can be an attractive solution and there are numerous professional firms specialising in this type of work, such as Buckingham chartered architect Ragozzino.
While the predictions business is notoriously difficult, the property market looks to be set fair for a year of sustained growth. Happy New Year to all market participants!