Halifax says ‘house prices remain steady’ in new and improved house price index
Founder and CEO of Stone Real Estate, Michael Stone, commented:
“While we remain enveloped in a dense fog of Brexit uncertainty it’s no surprise that house price growth continues to stutter and will no doubt do so until the ordeal is over. The one saving grace that we’ve seen come to the forefront is the continued demand for new build properties and this has helped support the market and ensure prices at least remain stable.
Bolstered by Help to Buy and the first-time buyer demand, new build sales have been less susceptible to wider market trends and the sector has maintained a consistent level of activity as a result. With first-time buyers, in particular, less concerned with the current landscape or Brexit and more so on getting a foot on the ladder, the sector has helped to steady the ship in otherwise choppy waters.”
Director of Benham and Reeves, Marc von Grundherr, commented:
“An updated methodology brings yet more evidence of Brexit-based, static market movement from the new and improved Halifax index. This is hardly surprising given other industry indicators, but no doubt a tad exaggerated due to the fact that half of the nation vacates for sunnier climbs in August and this has a notable impact on the housing market.
All in all, it could certainly be worst and if we consider how poorly Brexit has been handled it’s a miracle that we’ve seen any positive growth registered what so ever. The reality is that wage growth remains steady, the affordability of mortgage products is still very good indeed, and these factors along with a shortage of stock will continue to support the market.”