UK house price growth has been a tricky thing to predict due to Brexit uncertainty, struggling wage growth, and the volatility in the rate of inflation. Many housing experts see London house prices declining with recently released figures and are making predictions in regard to the next twelve months. Rightmove is forecasting London house prices to continue a gentle slide next year, but house prices in England and Wales will likely increase 1%.

The annual report has now been released by Rightmove. According to the report, house price decline in the capital city will be offset by increases in house price growth across the country.

The property website also predicted house price growth of about 3% for those houses purchased by first time buyers in 2018.

Miles Shipside of Rightmove commented on the latest data regarding house price growth within the country’s borders, saying: “Increasingly stretched buyer affordability, exacerbated as intended by tighter lending criteria and increased stamp duty for second home-owners, is taking its toll on upwards price pressure. It is aided by a slowdown in the higher-end markets, with the influence of a readjusting London being a weighty factor on the national averages.”

Outside of house price growth, remortgage remains strong and is expected to continue to be fertile ground during the next year. The entire process is now able to be completed online and many house owners are taking advantage of the power of the mortgage lending tool.

Remortgage remains a high percentage of overall mortgage lending and that is expected to continue, especially with available deals featuring such low interest rates.