Nationwide House Price Index: Price growth grinds to a halt in September
Founder and CEO of Springbok Properties, Shepherd Ncube, commented:
“Anything short of a market collapse could be viewed as positive given the current car crash that is unfolding in Westminster and quite frankly, it’s a miracle that no real lasting damage has been already done.
We’ve seen the market survive on tidbits of positive buyer sentiment, mortgage affordability, and fairly positive wage growth for quite some time now, but in the long-turn, this simply isn’t enough to sustain momentum.
One way or the other, we must put Brexit to bed if we want to see the rejuvenation of the UK property market, an uplift in the rate of house price growth and the return of the prodigal home buyer and seller.”
Director of Benham and Reeves, Marc von Grundherr, commented:
“Much like the autumnal turn in the weather, house price growth is going to no doubt dampen spirits as we move away from the busier summer period, and towards what promises to be a turbulent few months.
While we would usually see heightened market activity remain right through until December, the black hole of Brexit uncertainty that grows bigger by the day will deter many from selling this side of Christmas.
This is only to be expected and when coupled with the market slowdown that generally comes due to impending seasonality, it may seem apocalyptic to say the least. However, we expect once the EU inspired air raid sirens fall silent, and UK sellers emerge from their Anderson shelters, the market will muster the British bulldog spirit to pick up the pieces and push on into next year relatively unscathed.”