House price growth falls to lowest in nearly six years – Comments from the Industry:
Marc von Grundherr, Director of London estate agent, Benham and Reeves, commented:
“Much like Brexit itself, it seems to be one step forward, two steps back where the UK property market is concerned at the moment, and market uncertainty continues to see the rate of price growth decline to its lowest in almost six years.
London continues to suffer most from this slowdown as the higher price of property is resulting in more drastic adjustments than elsewhere across the UK. However, this adjustment in prices is seeing a returning air of confidence from an investment standpoint and we’ve seen a consistent level of interest from the foreign market investors so far this year.
While Brexit will continue to hang over the head of the London market, this growing level of interest will continue to build and much like a coiled spring, once the market does return to normality we will see a sudden and notable uplift in activity and price growth.”
Property expert and Yomdel CEO, Andy Soloman, commented:
“Our political escapades in the European theatre continue to take its toll on the bricks and mortar backbone running through our nation. However, given the continued political uncertainty surrounding Brexit and the addition of the seasonality involved, a drop in the rate of house price growth will come as little shock regardless of how notable.
The silver lining is that the barrier to homeownership continues to grow at a muted level for the nation’s aspirational home buyers and we’re still seeing very strong growth across the regional engine rooms of the Midlands and Yorkshire and the North West.
London, the East and the South East continue to suffer greatly and unfortunately for homeowners in these regions, there’s no end in sight. However, once the pendulum does swing in the opposite direction the previous property pedigree of these regions will ensure they recover as quickly, if not quicker, than they declined.“