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UK house price growth has been at its slowest in 6 years. Prices have grown at an annual pace of 0.5% in December 2018; the slowest annual rate since February 2013. Brexit is being blamed for this uncertain and unclear situation.
Buying and selling property requires confidence and assurance, not only in the legal services sector and for estate agents, but most importantly in the market itself. However, this is noticeably lacking as the time for Brexit grows closer.
The uncertainty surrounding Brexit is causing people to ‘hold on and do nothing’ which in turn is causing a slower moving market. Potential buyers are struggling to purchase due to stricter lending criteria and potential movers are choosing to undertake the costs of building works, renovate or extend the home instead of moving.
The low level of growth in house prices is particularly bad for people wanting to sell, but of course is an ideal opportunity for cash buyers looking for a quick discounted purchase, an opportunity not to be missed by Developers and potentially beneficial to first time buyers wanting to get on the property ladder.
It is forecast that should there be a ‘no deal’ Brexit, house prices could fall by up to 30% due to consumer prices, interest rates and unemployment rising. If a Brexit deal is achieved, it is likely that house prices will grow again.
The average house price in Yorkshire and Humber in the fourth quarter of 2018 was £157,463.00 which is a 3.7% increase on the same period in 2017. The average house price has also risen by 4% in the East Midlands. This is significantly better than other regions, such as the North East, West Midlands and North West where they have only risen by 2+%.
Regardless of the above, affordability depends on employment, ability to get a mortgage and wage growth NOT Brexit. No one is entirely sure what is going to happen with Brexit and we would say that it is worth considering deciding to buy/sell based on the elements you can control instead and whether it is right for you. There is continuously going to be demand over supply and people still need to move, maybe to be closer to work, to be closer to children’s schools/catchment area, due to divorce, death, etc.
Whether you are thinking of buying, selling or require some further information/advice on your particular property transaction, please contact our specialist Residential Property team.