UK Housing Market Eyes Summer Jump
The property market is likely to experience a sudden jump in house prices across the United Kingdom thanks to buyers and sellers becoming ‘bored of Brexit’ uncertainty. According to the property website RightMove, house prices jumped by £3,000 this month, signalling a surprising upturn.
After a few months of dropping house prices across the UK, this sudden increase signals that people looking to buy houses are no longer concerned about the impact Brexit may have on the property market.
The sudden change in house prices is a welcome positive for a market that had dipped to its lowest figures in over 12 years. New figures suggest that the average house in the UK now costs approximately £305,000 and though this is lower than last year’s average price, it is still growth in this contentious market.
Estate agents believe the cause for this jump is that people are no longer put off buying homes due to Brexit. With the deadline for Britain’s exit from the European Union now pushed back until October 31st, home buyers and sellers clearly believe that now is the best time to find a new home.
Moreover, though agents say it’s common for house prices to increase at this time of year, April 2019 shows the highest market growth for the month since 2016.
Supply And Demand
The property market, whilst one of the most fluctuating, still experiences high levels of demand and supply in built-up areas of the country, keeping regional prices steady. As the market builds momentum, more people are willing to invest in homes, particularly three- and four-bedroom family homes that are close to schools and local amenities, say estate agents. They believe this middle sector demand is what is driving up prices as families look to move into newer, bigger accommodation.
With Brexit negotiations now ongoing and the UK looking as though it will have to participate in the European elections, many homeowners are viewing this period of semi-stability as the best time to sell or buy properties, giving the market a much needed boost.