Brexit uncertainty continuing to influence house prices
The ongoing uncertainty over brexit is continuing to have an effect on the housing market in the UK, according to figures released recently. Halifax have issued a report that has again highlighted slow growth, in fact the slowest growth in average house prices for more than six years.
It should be noted that many experts had predicted an overall drop in house prices, but in fact there has been a small increase of 1.1%. Whether this is set to continue remains to be seen, of course, even if the whole Brexit situation is about to be reaching something approaching an endgame.
While we may indeed be set to leave the EU in a few days, there’s no reason to assume that the economy will immediately stabilise. Uncertainty among both buyers and sellers in the housing sector could carry on for months or perhaps even years, although there are some experts who think the market will improve as soon as we know one way or the other how the future will look.
Good news for first-time buyers throughout the UK
In September 2019, the average home in the UK cost £232,574, a slight drop on the price in August but still an improvement on September 2018. While such slow growth won’t be good for those looking to sell, buyers – and especially first-time buyers – will be encouraged by it.
Perhaps the main reason for the uncertainty is the fact that no-one really knows how the economy will fare after Brexit. This is a situation that we as a nation have never been in before, so even the politicians are struggling to make sense of what may or may not happen.
Here in the south-east of England, house prices are higher than almost everywhere else in the UK, and the market remains relatively vibrant when compared to some locations. James Neave the Estate Agents continue to offer an excellent range of flats and houses for sale in Surrey, all of which enjoy excellent commuter links to Central London.
James Neave the Estate Agents specialise in property in Walton-on-Thames. Call 01932 221 331 to find out more.