House prices in the UK continue to show confusing numbers – reflecting economic uncertainty in England.
The Halifax House Price Index reads good news for some, however bad news for others as it announced today that there has been a 1.1% RISE in house prices year on year up until September but a 0.4% drop in prices since August. Analysts and experts say that housing market is suffering from pre-Brexit uncertainty but also anticipating a post-Brexit bounce which is offsetting such concerns.
Marc von Grundherr of London Estage Agency Benham & Reeves Commented:
“These most recent of statistics from one of the country’s volume mortgage lenders are the latest in a very mixed picture and one that adds to confusion as to what on earth the property market is really doing. The various indexes of late have not only contradicted each other but often contradict themselves month on month – in fact, the numbers have bounced around like a beach-ball on a bungee rope since the beginning of the year.
The upshot is that whilst the monthly rate of increase in house prices across the UK is negative, the fact that the year on year numbers are still positive, quite honestly defies the gravity that the current political fracas should otherwise be dictating. A post-Brexit bounce? We live in hope’
While Shepher Ncube of Springbok Properties – a home sale agent specialising in quick sales responded:
“Resilience seems to be the underlying trend in UK property values overall. Westminster shenanigans seem unable to tarnish the gloss from the market and we continue to see almost uninterrupted house price growth on an annual basis albeit that that growth is certainly more subdued. You can be forgiven for thinking that a 0.4% decrease in values since August is startling however it is by no means the most stand-out stat of the last few months with, for instance, January’s Halifax data showing a 2.9% drop on the month before but then a 5.9% rise the next month. Perhaps it’s about time we paid less attention to the minutiae of frequent house price statistics and just focussed upon a property being a home instead?”
Even though the country is still suffering politically, with an uncertain future ahead – it seems that stability in the housing market can be cause for optimism in the UK economy.