Nationwide house price index shows market ground to a halt ion August
Director of Benham and Reeves, Marc von Grundherr, commented:
“While the UK property market may have ground to a halt on a month on month basis, it is an admirable show of defiance to at least register some annual growth, given the seasonalities at play and the addition of political turbulence that continues to plague home seller sentiment.
With Boris lose at the wheel we could well see price growth continue to stall as many brace for what looks like an interesting few months. However, once the dust settles the likelihood is a consistent and strong uplift in property prices, if not this year, then over the next.
Buyer demand remains robust and we still aspire to own our own homes with this dream bolstered by the continued affordability of mortgage products.
However, while the Government’s latest intentions to adjust rules on shared ownership will stoke this fire further, the lack of address where stock levels are concerned will ensure prices remain robust regardless of the wider economic and political landscape. Even if they are climbing at a snail’s pace.”
Founder and CEO of Springbok Properties, Shepherd Ncube, commented:
“In our current position, optimism is important and where the property market is concerned we have a lot to be optimistic about. Price growth may have slowed to a trickle, however, it is still climbing and house prices themselves remain steadfast in the face of political headwinds, with mortgage approvals up and transactions still stable.
It’s understandable that many sellers are cautious at present as refraining from a sale now makes little difference in the long-run for those hoping to achieve a higher sale price. As a result, we will see many hold tight until the end of the year and this air of caution will envelop the market in the meantime.
However, the market will continue to tick over until that point and for those looking to secure a higher sale price right now, it seems as though the close proximity to a transport hub is your only hope to beat the Brexit blues.”