Andy Somerville, director at Search Acumen, [1]comments:
“Flat or falling prices are damaging for market confidence, but they are also symptomatic of a bigger problem, and that is the number of transactions which are down significantly on this time last year. Those who would otherwise be rushing to buy a home are now putting off their decision, because of uncertainty around Brexit’s impact on the economy, and this is resulting in less work for conveyancers and the many other industries who rely on an active property market.”
“Despite flat growth nationally, house prices are once again rising at their fastest rate in London – up 1.4% in the past month. This may be a promising a sign that the engine of the economy is getting back into gear post-Brexit, but it is also a result of the falling exchange rate which has tempted foreign buyers back into London, as well as the now chronic lack of homes on the market in the capital.”
“The government could, and should, step-in to support the market and boost housebuilding across the country, especially in the areas where it is most needed, such as London, the South East and East of England.”