For the first time in several years, seven to be exact, house prices have dropped.
The average price of a home in the UK is now £255,638 compared to £252,472 in 2018. The most recent Nationwide report concluded that the uncertainty of Brexit has started to ripple through London as market prices in the south fell by 1.1% in the first 3 months of the year. As expected, even with the fall in price, London still remains the most expensive place to buy or rent in the country.
Despite the fall in the UK, Northern Ireland have seen a price increase of 3.3% in the first quarter of the year. Despite the increase, they are still below the price peak they hit in 2007 of over £200,000.
With prices dropping around the country we can expect to see an increase in buyers’ interest. Guy Grittins, manager at one of London’s top estate agents stated that there has been an increase in buyer registrations, viewing and offers in the first quarter of this year. Which only reflects that prices are now at a rate that buyers will be willing to spend.
If this fall were to continue, we will see a large increase in those now owning their own homes in the North East in comparison to the previous years. Like almost anything, all good things must come to an end. Russell Galley has revealed that he expects UK property prices to rise between 2% to 4% this year if a Brexit deal is to be struck.
The future of the rise or fall of UK property pricing is still unpredictable but for now, the prices are down 0.7% and the public are jumping on the chance to own their own home while they can.