Spring property market bounce ‘peters out’ as Brexit drags on

first_imgHome » News » Housing Market » Spring property market bounce ‘peters out’ as Brexit drags on previous nextHousing MarketSpring property market bounce ‘peters out’ as Brexit drags onLatest figures from the Halifax show a second month of weakening house prices as the UK’s exit from the EU continues to bite hard into buyer and seller confidence.Nigel Lewis8th August 20190507 Views House prices will remain flat until Brexit is sorted out and buyer and seller confidence returns to the market, the latest house price index from the Halifax reveals.Its report shows prices softening for the second month in a row and that the average house price is £236,120, which is 0.2% lower than a month ago.Jonathan Hopper, managing director of Garrington Property Finders (left), says: “The Spring bounce is morphing into a Summer slump.Two consecutive months of falling average prices – modest though the drops were – show how the brief flurry of momentum seen in late Spring has petered out.”The Managing Director of Halifax, Russell Galley, says the market will continue ‘treading water’ until buyer and seller worries holding the market back are lifted.“That said, it’s worth remembering that while economic uncertainty continues to weigh on the market, the overall trend actually remains one of comparative stability,” he says.“In the longer term, there is unlikely to be step change in market activity until buyers and sellers see some form of resolution to the current economic uncertainty.”Crunch timeBroker Andrew Montlake of Coreco, says: “Equally, with the odds of no-deal shortening by the day, it’s crunch time for UK bricks and mortar. The impact of no-deal brexit on the UK property market is thick in the air.“The consensus appears to be that the property prices will suffer if we exit the EU without a deal. But if ‘no-deal’ is more a damp squib than end of the world then the property market could rediscover its mojo.”Halifax Garrington Property Finders Brexit coreco mortgage brokers August 8, 2019Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img read more