House Price Forecast indicates house prices will rise by 1.2% in next 3 months
11 July 2019
By Andi Forsythe
Reallymoving’s house price forecast uses quote form data to show how property prices will continue to increase across the country in the next three months.
Using the large amount of data we receive from our conveyancing quote forms, we see a 1.2% increase in prices. After a relatively stable July, the rise will be propelled by strong growth in August before values then dip again in September.
Our data is taken at the point people get their conveyancing quotes, with the average property completion time 12 weeks after. This gives us a unique insight into agreed sale prices ahead of time.
The summer growth in the market may partly be down to Brexit. While potential buyers may have been holding back on purchasing a house due to uncertainty around house prices, the extended deadline and current political climate seems to have boosted activity ahead of the October deadline.
Rob Houghton, CEO of reallymoving, comments: “The spring market was more robust than expected and this has prompted positive growth through the summer, particularly for deals agreed in May which are translating to sale prices in August.
“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.
“Annually prices are on an upward trajectory from June through to September, when they are forecast to end the summer 3.8% higher than in September 2018, but the longer-term outlook remains uncertain. There is huge pent up demand in the market, however, and if the UK is able to agree a deal with the EU we could see a rush of properties hitting the market in the late autumn along with a surge in buyer demand.”
For further information on our method, and to look at the different prices regionally, have a look at the House Price Forecast
For more information, look at our July 2019 House Price Forecast Press Release
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