In the four weeks to April 6, asking prices for properties across the UK increased the most in over a year, according to latest data from a survey.
According to Rightmove, the 1.1% asking price monthly increase is larger than expected for this time of the year. This is an increase of £3,447, but it does remain 0.1% below the levels of last year.
The six-month Brexit delay is expected to drive confidence in Britain’s housing market and provide encouragement to movers who were cautious.
The UK’s Halloween Brexit extension has come as a relief to many, with the Head of the International Monetary Fund saying that it avoids a “terrible” no-deal outcome for the nation. The six-month postponed departure allows discussions to continue and provides the time to adequately prepare for all eventualities.
Despite voters still remaining in the dark on the future of the UK, one area that is expected to see relief from this decision is the housing market.
“No doubt there are still a lot of twists and turns to come but this extension could give hesitating home movers encouragement that there is now a window of relative certainty in uncertain times,” director of Rightmove Miles Shipside commented.
“We are not anticipating an activity surge but maybe a wave of relief that releases some pent-up demand to take advantage of static property prices and cheap fixed-rate mortgages,” Miles Shipside continued.
At the end of 2018, data from Rightmove looked gloomy as UK house prices fell by over £5,000 in November. November’s price drop was the fastest prices have fallen since 2012.
In January, data from Halifax indicated that UK house prices were down 2.9% for the month. It was said that buyers were deterred by the prevailing uncertainty surrounding Brexit.
Will the six-month delay offer some relief for the market?
