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What’s next for the UK housing market?

Mar 25, 2019
TwentyCi asks the experts to make their predictions.

In spite of the gloomy post-Brexit predictions for the UK economy and house prices, the property market has shown resilience since the 2016 referendum. With the Brexit deadline now fast-approaching, here are some predictions for the year ahead from a selection of industry experts.

National Association of Estate Agents

We usually see demand spike in the first few months of the year, but the landscape will probably be very different in 2019 as buyers sit on the fence and adopt a ‘wait and see’ strategy until the Brexit deal is complete.

Nationwide

If the uncertainty lifts in the months ahead and employment continues to rise, there is scope for activity to pick up through 2019.

Zoopla

Regional markets are predicted to continue to fend off economic uncertainty and boast the most growth in the UK housing sector. London and south-east England are expected to bear the brunt of Brexit in 2019.

Hometrack

Brexit is the greatest driver of uncertainty in the near term and the prospects are for a slow start for the housing market in 2019.

Halifax

The UK could see house price growth as high as 4% by the end of 2019 despite current political upheaval.

Rightmove

House-sellers’ asking prices will be unchanged at 0% across 2019. Underlying the flat growth across the UK generally, Rightmove expects to see asking prices falling by around 2% around London’s commuter belt and decreasing by around 1% in Greater London itself, while heading further north, where affordability is less stretched, asking prices could increase by around 2% to 4%.

Royal Institution of Chartered Surveyors

House prices will stagnate in 2019 and the number of sales will fall as a mixture of Brexit and affordability constraints take their toll on the property market.

Howard Archer, Chief Economic Adviser to the EY Item Club

The fundamentals for house buyers currently remain challenging. Consumers have faced an extended serious squeeze on purchasing power, which is only gradually easing. Additionally, housing market activity remains hampered by relatively fragile consumer confidence and limited willingness to engage in major transactions. However, a no-deal Brexit is unlikely to bring about a slump while the number of homes for sale remains relatively low.

 

Extract from TwentyCi Property & Homemover Report – Q4 2018 published 19 January, 2019.

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