Days following the Brexit vote provided much drama within the UK housing market. This drama included forecasts of house prices not only within the short term, but the long term as well. Many experts saw house prices tanking slowly but surely if the UK voted to exit the EU. This did not happen. Instead house prices have maintained buoyancy and that is where they continue to sit today. According to Britain’s largest estate agents, Countrywide, this trend will likely conclude as we turn the calendar and begin 2017.

House prices are expected to dip next year by 1%, according to Countrywide. This is in direct contrast to the last several years in which house prices have experienced meteoric rise. This rise was still maintaining its trajectory all the way to the June Brexit vote. House prices will actually finish the year up by more than 2% in value due to a strong start to the year within the market.

Comparatively speaking, UK house prices increased more than 6% last year and almost 9% during the year 2014.

Fionnuala Earley with Countrywide commented on the latest forecast, saying: “Forecasts in the current environment are trickier than ever as the vote to leave the EU has thrown up many risks. Our central view is that the economy will avoid a hard landing, which is good news for housing markets.”

Earley added: "However, the weaker prospects for confidence, household incomes and the labour market mean that we do expect some modest falls in house prices before they return to positive growth towards the end of 2017 and into 2018.”