UK House Price Index – Industry Reaction
“Some positive movement but a similar picture of a housing market in limbo and this will no doubt continue to be the case as we approach yet another B-Day. However, as we wait with bated breath for the final curtain to fall at the end of this month, a critics review of current market conditions could certainly be worse.
Property values remain robust for the large part, particularly across the new homes sector, and there continues to be an appetite for homeownership that stretches the length and breadth of the nation.
Despite London bearing the brunt of political uncertainty, the price of new build properties has grown at more than double the rate of existing stock since the referendum vote, with similar trends across the sector on a national scale.
This demonstrates the underlying strength of the market and all in all, we’re simply not seeing the abandonment of the UK property sector that many have predicted and this bodes well for life after Brexit and the year ahead.”
Director of Benham and Reeves, Marc von Grundherr, commented:
“The closer we come to an apparent EU exit, the more likely it is that even the most fearless home buyer or seller will hold tight until the dust has settled, and so further downward trends should be expected until the start of next year at the very least.
Of course, much is dependent on the outcome and I don’t think anyone believes that come September we will be in any better a position than we are now, however, the world of the UK property market continues to turn and now is arguably a great time to buy, particularly in the capital.
Although London’s high-end has seen a decline in places, the bread and butter London buyer has been out in force, and a higher level of foreign investment due to a weaker currency has seen house prices remain buoyant in the majority of boroughs.
Those aspirational London buyers who remain sat on the fence over Brexit would do well to strike while the iron is, well uncertain, as we will only see market values strengthen as time goes on.”
Founder and CEO of Springbok Properties, Shepherd Ncube, commented:
“Away from the slapstick antics of Westminster people have long grown weary of the horror stories surrounding the UK property market and, in fact, for the average UK homebuyer, current conditions are close to idyllic.
The affordability of mortgage products remains favourable thanks to consistently low interest rates and while the rate of price growth may have slowed, you will do well to find a bad bricks and mortar investment outside of the M25.
We’ve grown accustomed to astronomical annual increases in property values and while this is great for homeowners, it does little to address the current housing crisis and the monumental task of getting a foot on the ladder.
While prices remain far from affordable for many, those looking to get on the ladder would be forgiven for asking for a bi-annual Brexit just to help reduce the ever-escalating financial hurdle of home buying.”