Santa rally or election elation? The UK stockmarket posted its biggest gains for more than three years in the week following Boris Johnson’s landslide election victory on 12 December, despite a simultaneous jump in the value of sterling that might have been expected to hit large firms with hefty international earnings.
Annual UK house price growth is at its lowest level in six years in a further sign that Brexit is weighing on the market, figures show.
House prices rose 1.1% year-on-year in September, down from 1.8% in August – the lowest rate of growth since April 2013, according to the latest Halifax house price index.
On a monthly basis, house prices fell by 0.4%, taking the average price of a property to £232,574.
UK house price growth is at its lowest since January as buyers and sellers remain cautious amid Brexit uncertainty.
House prices rose just 0.2% in September, according to data from the Nationwide House Price Index, the 10th month in a row in which annual price growth has been below 1%.
On a monthly basis, house price growth fell by 0.2%, taking the average UK house price to £215,352.
The “seemingly never-ending Brexit saga” is continuing to bring property prices down, with sales expected to fall even more in the coming months, according to surveyors.
The Royal Institution of Chartered Surveyors (RICS) says that Brexit uncertainty is having a significant effect on sales, causing hesitation for buyers and sellers.
RICS’s residential market survey found a net balance of 24% of surveyors expect prices to drop in the next three months.
UK house prices fell again in July as buyers continue to remain cautious as the prospect of a no-deal Brexit draws closer, according to surveyors.
The sheer volume of data about the UK housing market that is bandied around these days means that it is sometimes hard to grasp what is really going on.
An innovative heatmap (below) produced by Samuel Tombs, UK chief economist at Pantheon Macroeconomics, provides a simple overview: it uses colours to show what prices have done in each region year by year: green for the biggest rise, red for the biggest fall.
UK house prices fell this month for the first time this year suggesting it will be a buyers’ market in the second half of 2019, according to property website Rightmove.
Rightmove says the price of property coming to market fell by 0.2%, or £656, this month - the first monthly fall so far in 2019.
On an annual basis they also fell by 0.2%, taking the average price down to £308,692.
The property website says that fewer properties are coming to market and it is taking 62 days to secure a buyer – the longest in six years.
Zoopla analysed house prices in the UK’s 20 major cities and found that the average salary needed to purchase a home had gone up by £4,500 since 2016.
Liverpool has the lowest income required to get on the property ladder at £26,000.
The increase takes annual growth to 5.2%. Commenting on the figures, Russell Galley, managing director, Halifax, says: “We saw a slight increase in house prices between April and May, but the overall message is one of stability.
“Despite the ongoing political and economic uncertainty, underlying conditions in the broader economy continue to underpin the housing market, particularly the twin factors of high employment and low interest rates.”
Since February 2019, UK house prices have fallen slightly – by just 0.2% – which makes the average property in the UK £226,798.
In England, on average, house prices have fallen by 0.5% since February 2019. The annual price rise of 1.1% takes the average property value to £243,128.