Bank of England gives Negative outlook for UK property prices
Recent news release from the Bank of England and reported widely across media is that UK house prices are predicted to fall this year with a figure of 1.25% – Many estate agents across the UK have been stating that price falls are already taking place and especially with asking prices having to be reduced in order to attract buyer interest. Stock levels, Brexit uncertainty and interest rate increase fears place pressure on house valuations.
Brexit has certainly caused a slow down in crazy over valuing and over priced property, fears of a mass exodus of external investment, immigration and economy down turn means that house prices have and will continue to be experienced and especially so in the South East and London regions.
The Bank of England kept interest rates on hold at 0.75 per cent though just a few quarter increases will start to bite it to many people’s monthly spend budgets – Predictions are that rate rises will become more frequent going forwards.