Late summer saw house prices peak, but what is the picture for autumn sellers and buyers? With the current political uncertainty, the housing market is proving remarkably resilient; however, monthly falls are forecast for September, October and November as part of the normal pattern of seasonal changes.
Average prices are predicted to fall by 2.7 per cent over the next three months, with September showing the biggest dip of 1.4 per cent. Prices will then drop by 0.3 per cent in October and 1.0 per cent in November; however, with prices predicted to rise by six per cent by 2021 fuelled by new property hotspots taking off in both the north and the south of the country, the overall average values show positive growth and suggest that the fluctuations are purely seasonal.
Year-on-year prices will remain in positive territory, with September showing a three per cent annual increase. This will be the highest rate of growth for almost a year. Low interest rates, low unemployment and rising incomes continue to underpin this growth.
London most vulnerable
If Brexit can be discounted as a factor elsewhere, the picture is different in London. The capital has been the most vulnerable area for shifting house prices, with London prices set to plummet by six per cent if there is a no-deal Brexit on 31 October. In contrast to other regions, prices in southern England are at their lowest since 2009; meanwhile, the number of residential properties completing the conveyancing process is at the same levels as pre-referendum but lower than the preceding two years. If you want to bag a bargain, it might be best to head for the auction house. In a softening market, reserves are lower than ever; what’s more, specialist conveyancers such as https://www.samconveyancing.co.uk/news/conveyancing/selling-a-property-at-auction-what- is-the-conveyancing-process-6075 can guide you through the process.
Regions on the rise
The heroes of the market are currently Wales, Scotland and Northern Ireland; for example, prices in Wales are forecast to rise by 8.7 per cent.
The performance of property outside the UK is bucking the current somewhat flat performance trend. This is a reflection of the different impacts of low inflation and wage growth across the country. The overall picture remains positive, with property buyers pressing ahead with their
purchases and the underlying market remaining stable.גילוי אש mzda.co.il ספרינקלרים