16 Jul 2019
House prices are expected to continually increase throughout summer, reflected from the agreements that have already been reached.
Analysis from properties that have been already sold, or have an agreed deal, has shown and predicted that house prices will gradually incline over summer; 0.7% in July, going up to 1.2% in August and increasing to 3.8% in September. If the projection turns out to be accurate, the summer increase in prices would be the highest annual growth since November 2018.
Rob Houghton, CEO of Reallymoving, which predicted the rise in prices, explained how house prices in spring went beyond their expectations leading to the website to forecast a continuation in incremented value. He said, ‘The spring market was more robust than expected and this has prompted positive growth through the summer, particularly for deals agreed in May which are translating to sales in August.’
With the Brexit deadline approaching, Houghton stated, ‘The chance of us leaving the EU without a deal seems increasingly likely and people are realising that the window between now and the end of October may present their best opportunity to sell.’ He added, ‘The market has proved itself to be surprisingly stable over the last 12 months, but this could change if we crash out of the EU on Halloween.’
Houghton elaborated that securing a deal with the EU would boost the industry and continue the trend of price increase, ‘There is huge pent-up demand in the market, however, and if the UK is able to agree a deal with the EU we could see a rush of properties hitting the market in the late autumn along with a surge in buyer demand.’
House prices in Wales, Scotland and Northern Ireland are also expected to increase.