Private Finance comments on ONS UK House Price Index: September 2019

Simon Checkley, Managing Director at Private Finance, comments on the publication of the ONS UK House Price Index for September 2019.

“The UK property market continues to trade at a discount as annual house price growth remains comparatively low. Brexit uncertainty has taken its toll on the market, providing welcome relief for new buyers who were long buffeted by rapid price increases.

“With London experiencing the most notable decline in annual growth, followed by the East of England, first-time buyers’ dreams of home ownership is becoming just that bit more attainable. Given the uncertainty around when house prices might spring back, and the availability of historically low mortgage rates, buyers should take full advantage of what might be a limited window of opportunity of competitive prices.

“Many homeowners have adopted a wait-and-see approach, sitting on their properties and postponing moving until some political clarity has been achieved. This pent-up demand could well result in a swell of activity in 2020, potentially returning house prices to a stronger upwards trajectory.”

Kindly shared by Private Finance