Housing market shows resilience despite Brexit uncertainty

28th August 2019

Housing market shows resilience despite Brexit uncertainty Despite a marginal drop in prospective buyers in June, and a house price plummet in London, the housing market shows signs of resilience.

House prices have dropped in London for the eighth quarter in a row according to Nationwide Building Society, pushing the average value of a home down 2.6 per cent

Figures for the three months to June showed London and the South East were the worst performers in a national housing market that has managed to keep growing through the past three years of Brexit turmoil, but only at a modest pace.

The annual national growth rate in prices slipped to 0.5 per cent in June from 0.6 per cent in May and 0.9 per cent in April, pushing the average cost of a UK home to £216,515. Most analysts said they expect only modest increases during the rest of 2019.

London prices are likely to continue sliding as Brexit worries hit the capital’s housing market the hardest, though London saw the annual drop in values ease to 0.7 per cent in the three months to June, from a more severe fall of 3.8  per cent in the three months to May.

The slide in London prices has been mostly felt by the owners of expensive properties in the capital, with multimillion-pound homes experiencing the worst falls.

NAEA Propertymark’s June Housing Report shows that, despite Brexit uncertainty, the number of prospective buyers in the UK remains high for the year. There were 305 house hunters registered per branch in June, just a 1 per cent year-on-year difference compared to June 2018.

The number of sales agreed remained high for the second month running, matching last year’s average of nine per branch.

Source: Propertymark

With the news announced this week (Monday 22nd Feb) that the country now has a plan to come out of lockdown, we will see what effect this has on the housing market and whether a decision on the current stamp duty rules will be made before the budget and the ever growing closer deadline date of the 31st March.

Locally the market is very vibrant, with plenty of great quality homes coming to up for sale and some really serious buyers taking advantage of what's on offer in Banbury and the surrounding villages.

So... with properties being snapped up very quickly, some only days after being advertised, what is the best advice we can offer to help you beat the rush??

Please call any member of the team with any questions and we will be happy to advise.
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