Two steps forward, two steps back. At a national level, house prices are shuffling along at best. The average home is now worth a grand total of £800 more than it was this time last year. Contributor Jonathan Hopper, Managing Director – Garrington Property Finders.
But amid the inertia there are some encouraging signs. The Nationwide’s data shows that during the eleven straight months in which the annual pace of price growth has hovered below 1%, it never reached zero nor fell.
As the Brexit drama lurches into yet another encore, buyers are splitting into two camps – those who see the current slow market as a threat to be waited out, and those who view it as good time to strike.
On the ‘hold off’ side of the argument, there is the understandable reluctance to buy a home that may be cheaper tomorrow. But the ‘buy now’ counterargument is that the combination of soft prices, lower competition for homes and fast-rising wages has opened a window of opportunity – begging the question ‘if not now, when?
Whether we are at the edge or the eye of the storm remains to be seen, and the prospect of another general election will inject a further dose of uncertainty into proceedings. Nevertheless, while there are fewer homes to choose from, tactical buyers are increasingly able to press home their advantage with sellers – and we’re seeing homes in good areas change hands at significant discounts.
Anxious though these times are, many strategic buyers are having a rather good Brexit.”
