Private Finance comments on ONS House Price Stats for Small Areas
Shaun Church, Director at Private Finance, comments on House Price Stats for Small Areas published by the Office for National Statistics – December 2018.
“£1.6 billion has been wiped off the value of the UK housing market over the past year, as Brexit uncertainty continues to plague the property market. As a hub for foreign investment, London has been hit hard by the Brexit saga, with the capital’s market value dropping by 5% in just a year, as question marks persist over the status of London in a post-Brexit landscape.
“With the political landscape and economy volatile, many buyers, sellers and investors alike are adopting a ‘wait and see’ approach which is no doubt dampening the market. The UK’s exit from the EU is now just a matter of months away, but even if the UK secures a favourable deal, it’s likely to take a number of years before confidence returns to pre-Referendum levels.
“As one of the UK’s greatest assets, news of the property market’s decline will make for uncomfortable reading. However, first time buyers that have been priced out of the market for years should see this uncertainty as a moment of opportunity, as they gain some respite from soaring house prices.”
Kindly shared by Private Finance