Industry comment on the latest UK House Price Index
Marc von Grundherr, director of lettings and estate agent Benham and Reeves, commented:
“The market may continue to be dampened by price growth in London and the South East, but any transaction at a premium level will take longer to materialise and so it will take time for these regions to regain the momentum we are currently seeing build across other areas of the UK property market.
However, the proof is in the pudding, and although price growth may remain muted, these ‘slower’ markets are still home to the highest property prices in the UK.
It will take far more than a prolonged period of Brexit uncertainty to chink the armour of the UK property market and as we are already seeing so far this year, it has remained impenetrable despite the continued debacle unfolding down in Westminster.
Shepherd Ncube, founder and CEO of Springbok Properties, commented:
“Unless you’re trying to sell the rock you’ve been hiding under for the last three years, Brexit uncertainty is, of course, going to be a consideration when looking to sell and the price at which to do so.
For those more concerned about that first foot on the ladder rather than the financial gain it might bring, it continues to be business as usual as demonstrated by the heightened market activity and ensuing house price growth in the more affordable regions of the UK market.
Market uncertainty remains more of a factor in the less affordable areas of the market, but the grass isn’t always greener, and for those looking to move now a few thousand pounds less on a sale is a more palatable compromise than months of stagnation on the market.”