Increase in house prices is set to continue
08 August 2019
By Andi Forsythe
The release of reallymoving’s latest monthly House Price Forecast shows continuing growth in property prices across the UK, ahead of concerns about Brexit in October.
Average values are set to rise by 1.5% over the next three months (August to October 2019), continuing their steady climb. Particularly strong growth in August will see prices increase by 3.2%, and whilst they’ll then dip by 1.4% in September, they will be up 3.1% annually – the largest annual increase since November 2018.
The forecast is now seasonally and mix adjusted to take into account seasonal trends in house prices and variations in the location and types of property.
Regionally, there will be variations in house prices changes. Whilst more than half of UK regions are set to see prices rise over the next three months, some are heading for a more tumultuous period. Prices in Yorkshire and the Humber are set to fall by 0.3%, and the North East of England is expected to see a fall of 5.4%. The East of England, West Midlands and the North West are also set to see a fall in house prices.
CEO of reallymoving Rob Houghton says:
“The outlook for the property market over the next three months is remarkably positive, considering the current political and economic context. The recent election of a new Prime Minister who is committed to leaving the EU on Halloween even if a deal isn’t reached could mean clouds are gathering on the horizon, but any impact on prices in the short term is likely to be mitigated by the urgency of home movers to complete deals in the next three months.
“While the longer term outlook remains uncertain, we could see a Boris Bounce in the property market if he is true to his word over stamp duty reform and stimulates the market through tax cuts at the top and bottom. Scrapping stamp duty for downsizers could be a cost-effective way to stimulate activity throughout the market, freeing up family homes and enabling chains of transactions, at relatively little cost.”
You can see for yourself the changes in pricing by region, along with our forecast for the coming months on our House Price Forecast
Read the full blog post on the August House Price Forecast
Have a look at the press release
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