Property prices falling across England and Wales for a third consecutive month, according to data from Home.co.uk.
Despite claims from the Chartered Institute of Chartered Surveyors (RICS) that the housing market is beginning to recover after the initial effects of Brexit, and predictions that property prices would rises 3.3% every year for the next five years, data from Home.co.uk suggests that prices have fallen in six of England’s nine regions.
Quick Move Now’s response to property prices falling:
Danny Luke, Quick Move Now’s managing director, commented:
Now that the initial shock of the EU referendum result is subsiding, the impact on the UK property market is varying greatly from region to region.
Areas that have, until recently, seen over-inflated growth and have wide appeal for the international market, such as London and the South East, are seeing the biggest stall. Other areas, such as the East of England and the West Midlands have actually seen steady, albeit slowed, growth over the last year.
Surveyors from RICS are broadly optimistic about the property market’s recovery after the fallout from Brexit, however with the Prime Minister still showing reluctance to trigger Article 50 and make our exit official, it’s difficult to make any solid predictions about the future of the property market.
Until there’s a clear exit strategy and more indication of the specific details of our future relationship with the European Union, it’s very challenging for anyone to predict how homeowners will be affected.
If you’re considering selling a property we would continue to offer the same advice that we always do; be realistic about the property market in your area.
It’s easy to get caught up in national headlines, but in order to get a realistic idea of what your property might be worth in the current climate it’s important to know your local market. That’s why we speak to independent local experts before making an offer on any property.
The number of properties coming onto the market is rising, which is easing the supply shortage, but largely potential buyers appear to be playing a ‘wait and see’ game, with time on market increasing again to an average 89 days.
If you’re keen to sell your house fast, Quick Move Now is still buying properties and could purchase your property in as little as 7 days.
For more advice on selling a property in a challenging market, read 5 reasons why your house isn’t selling.