Friday, 22 March 2019 10:57

Property Prices Fall Again And Won't Stop

It appears Brexit jitters and general economy worries are helping house prices fall further than was first thought.

The average UK house price fell 2.8 per cent in January from the month previous, and the annual growth rate also halted suddenly as buyers and people looking to sell their homes decide to take a step back as Brexit gets into full swing.

The average UK house price is still a whopping £230,000, but the trend certainly seems to be going downwards - in fact, it is the most significant monthly drop in twelve months.

Other figures show that London house prices are dropping noticeably as Brexit seems to be having more of a worrying impact on the capital than anywhere else in the country.

Naturally, experts are predicting that house prices are going to remain stagnated at best and we could see a further downward trend as the country starts to see the real impact of Brexit.

First-time buyers could do with a bit of luck, but it's a double edge sword - even if house prices fall to allow the lucky ones who have saved up to be able to get in reach of the first property, chances are they aren't going to take the plunge and purchase because of Brexit uncertainty. People are fearful of what the UK's exit will do to jobs and the economy, so people are holding off taking risks.

Brexit just needs to hurry itself along, and we need to get out with our heads held high. Our advice as always is that this is now a buyers market. From what we have seen with the number of default, the credit market is only going to get worse in the short term. Don't be surprised if property prices fall by another 10% in the next 2 years. If people think things are bad now, just wait until the repossessions start to kick in. 

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