UK HPI shows lowest rate of house price growth since the Brexit vote
Director of Benham and Reeves, Marc von Grundherr, commented:
“The lowest rate of annual house price growth since the Brexit vote demonstrates the detrimental impact that our current political position continues to have over the sentiment of UK buyers and sellers, particularly those in London.
However, while other reports based on asking prices and mortgage approvals may provide a more sensationalist view, figures on sales completions suggest a market that is ticking over in neutral rather than careering off a cliff.
Transaction levels remain muted but steady and while prices aren’t accelerating, they are stable, and we are world’s away from seeing a market crash. A seasonal uplift in buyer activity over the coming months should see property price growth climb through the gears and depending on which EU exit we take; the market should return to full speed with ease before the year is out.”
Founder and CEO of Springbok Properties, Shepherd Ncube, commented:
“The property market is certainly stuttering, and this won’t be welcomed by the nation’s homeowners but, of course, those looking to get a foot on the ladder won’t complain about a momentary respite in the escalating cost of doing so.
It’s important to note that we aren’t seeing a market freefall, far from it, but after such a prolonged period of notable house price growth, the market is now adjusting at a natural rate to align itself with the current climate.
As a result, the rate of growth in London and the South East continues to see negative movement while the traditionally more affordable regions of the UK remain defiant, registering healthy levels of growth across the board.”