Andy Sommerville, Director at Search Acumen, comments:
“The market has seemingly hit its peak. The significant drop-off in house price growth between 2017 and 2018 truly marks the end to a decade of high growth.
“While prospective homeowners in London boroughs and the South East may be encouraged by cooling valuations as prices fall closer in line with wage growth, economists are unlikely to be so upbeat. At present, stability will be the priority for the market as Brexit reaches a boiling point, but too many potential buyers are staying put until our future becomes clear. It is likely that until we get answers from Westminster and Brussels, property prices will continue to be anaemic as the market remains on ice.
“During this time, it is important that property professionals remain dedicated to creating a market environment that works for homebuyers, sellers and investors. It is a vital time for the industry and driving efficiencies will be essential in order to remain resilient.”