What is the House Price Forecast?
As homebuyers register for quotes for home moving services on the site typically twelve weeks before their purchase completes, providing data on the purchase price agreed, reallymoving is able to provide an accurate three-month property price forecast before those deals complete three months later.
We update this data monthly, to share any updates and help buyers and sellers to make the best choice for them when it comes to property.
What does the property market look like?
The spring market got off to a slow start this year but a busy May for house hunters is expected to translate to price rises in August when those sales typically complete. The spring market was quite resilient, with growth in England and Wales of 6.5%. Even taking out the usual summer increase, that’s still a price raise of 3.2%. Pricing looks to remain relatively stable in July and then a surge between July and August.
The majority of regional markets are showing resilience in the face of continued uncertainty, with two thirds of the UK’s twelve regions forecast to see prices rise during the three-months to September 2019. In particular, Northern Ireland (+6%), Wales (+5.7%) and Scotland (1.5%) are all on track to see strong positive growth.
England on the other hand presents a mixed picture, with southern regions (with the exception of London) continuing to experience steady growth, meanwhile values in the North East are expected to readjust by -4.8% and in the North West by -2.8%
What has Brexit got to do with it?
The market slowed down and sellers were forced to lower their prices to get a sale as people adopted a ‘wait and see’ approach as the Brexit deadline loomed. When the deadline was pushed back to October 31st
, potential buyers, tired of waiting, seem to have taken advantage of the delay and are buying now in case there are significant changes after Brexit.
Our CEO, Rob Houghton, says: “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 but this could change if we crash out of the EU on Halloween.”
What does this mean for me as a buyer?
When you’re buying, you want to make sure you get the best deal possible. If you can see that property prices are increasing, it may be time to speed up your process and make an offer. If you haven’t made a decision about where you want to buy yet, it can be a great tool to figure out where to invest your money in a property.
Where can I find more information?
If you’re looking at buying or selling your property, the House Price Forecast can be a great tool to help you look at price changes in your region. This can help you decide whether now is the right time to make a deal and jump on the ladder, or perhaps hold out to sell your property when the market improves.
You can go to the House Price Forecast
to search by region, and get a sense of how prices have changed, and what they’re likely to do. If you want to keep updated, sign up for our Market Intelligence Newsletter
, and you’ll be the first to know when we update our data.