House Prices Creeping Back Up?

House Prices Creeping Back Up

Data that has been released within a report from Your Move has suggested that house prices in England and Wales could soon be back at the same levels as they were before the EU referendum, following the 0.1% increase to average house prices in November.

There were plenty of worries for the UK’s property market following the result of the EU referendum, however Your Move have reported that house prices have remained steady and flat since, and the only major drop in average house prices came in April following the changes to Stamp Duty.

The Government announced in the Autumn statement that the imbalance between supply and demand has remained even despite the uncertainty surrounding the Brexit decision, and therefore this could be a defining factor in the rising house prices.

The Chancellor also announced the plans for 140,000 new homes during the Autumn statement, however we are now only expected to hear details about the new plans that are promising to boost supply in the Housing Whitepaper in January after the announcement was postponed, so this period of uncertainty will continue a little longer.

“The market is still performing better than many expected” commented Richard Sexton, the director of e.surv charted surveyors. Transaction levels remain subdued, but are not far off previous years. Prices are still edging up.”

It appears that despite all of this uncertainty, buyers in London are still willing to increase the house prices wherever they see potential value, so house price growth appears not to have slowed down in all areas of the UK as there is still positivity in the market.

So according to Your Move, the average house prices in England and Wales is now £295.276 which is up 3.1% on this time last year, but whether this rise will continue or not in the future we will have to wait and see.

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