Sunday, 24 March 2019

Brexit impasse sees property prices drop

Brexit impasse sees property prices drop

THE housing market got off to a weak start to the new year last month as the political uncertainty over Brexit continued unabated.

House prices dropped by 2.9 per cent in January, following a 2.5 per cent rise in December, leaving national average prices at £233,691, according to the latest figures from the Halifax.

The mortgage lender said it still expects “price growth to remain subdued in the near term”.

Halifax managing director Rusell Galley said it was the second time in three years that prices have dropped at the start of a new year.

“This could either be viewed as a story of resilience, as prices have held up well in the face of significant economic uncertainty, or as a continuation of the slow growth we’ve witnessed over recent years,” he said.

“There’s no doubt that the next year will be important for the housing market with much of the immediate focus on what impact Brexit may have.”

Mr Galley added that key factors of supply and demand will ultimately shape the market, including the shortage of stock for sale, high employment levels, wage growth, low inflation and low mortgage rates.


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