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

A Happy New Year from all at Stanbra Powell.

We have had many questions regarding our position after the governments announcement to lock the country down for the foreseeable future.

As with the first lockdown in March, the housing market stays fully open for business.

This means that as long as everyone adheres to the regulations in terms of safety then both sales and lettings agents can still offer viewings, property valuations and assist in the sales progression alongside solicitors.

We are however, are currently only offering viewings to proceedable people unless local with a home to sell.

Stanbra Powell is open as normal to help you with your property move in any way we can, while taking all precautions to make sure everyone is safe and their wishes respected.

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