Expert Commentary

Svetlana Humphris, Conveyancing Executive at Mullis & Peake LLP Solicitors, said:

“The many published house price reports providing a summary of national trends are based on a single average house price and with approximately 1.2m housing transitions every year, an average hides massive variations. For this reason, I rely on the Land Registry index which is based on sale completions rather than mortgage approvals and which measures price growth at a county level. In 2017 prices for the UK as a whole were 4.7 per cent higher, while Essex was up 6.4 per cent.  

Based on the above, I believe there is room for optimism in 2018 and average house prices across England and Wales are likely to increase by 2 per cent and 4 per cent . Whilst this might not seem like a significant change, it reflects the fact that the housing market is still growing and is healthy.   

My forecast for 2018 also reflects both supply and demand and is based on the current shortage of homes within Essex and Greater London, which will keep upward pressure on property prices due to the continued demand from those looking to live in one of the most desirable parts of the country where the train service to London is good, good access to M25, great schools, beautiful countryside and seaside.  

In other words, 2018 will be a good year to invest in a residential property. Property market has its ups and downs but it has always outperformed, in the long term, most investments. Our Residential Property Team at Mullis & Peake are looking forward to another good year!”