04.01.201723:44:00UTC+00U.K. Car Sales At Record High In 2016: SMMT

U.K. car sales reached a record high in 2016, but registrations are forecast to drop this year, the Society of Motor Manufacturers and Traders reportedly said Thursday.

Car sales hit 2.7 million last year despite uncertainties emanating from the 'Brexit' vote. Sales increased by 2.2 percent from 2015. This was the fifth consecutive rise in registrations.

Nonetheless, sales are forecast to fall 5 percent in 2017.

About 85 percent of cars sold in 2016 were imported and the weakness in the sterling forced many manufacturers to lift their prices, SMMT said.