A new study from reallymoving.com has found that current market conditions are indicating a 1.2% increase in property prices over the next three months of summer, which bodes well for a strong summer. To that end, the average price for a property in the UK now stands at £237,110.
These figures are supported by analysis by the Halifax looking at house prices over the last quarter. The latest Halifax house price index showed that property values actually increased by 2.4% over the last quarter, with Russell Galley, Managing Director of Halifax, explaining: “Generally the housing market is displaying a reasonable degree of resilience in the face of political and economic uncertainty. Recent figures show demand looking slightly more stable, with mortgage approvals ticking along just above the long-term average.”
With regional markets also showing resilience in the face of the potential instability that can be attributed to the ongoing Brexit uncertainty, property is set for another strong quarter. Eight of the twelve regions of the United Kingdom are set to see prices rise in the period to September 2019, with Northern Ireland and Wales all showing extremely positive growth.
Rob Houghton, CEO of reallymoving.com noted: “The chance of us leaving the EU without a deal seems increasingly likely and people are realising that the window between now and the end of October may present their best opportunity to sell. The market has proved itself to be surprisingly stable over the last twelve months.”