Andy Sommerville, Director at Search Acumen, comments:
“The UK property market takes its lead from London and the South East. While parts of the UK continue to enjoy healthy levels of house price growth, the dips being witnessed in London will no doubt be casting a sense of unease among investors in the market.
“Prospective homeowners may be rejoicing in the news of stalling house prices, particularly in London and the South East. As price growth falls closer in line with wage growth, dreams of homeownership will become closer to reality for many. However, we mustn’t lose sight of what this means for the broader economy. The UK depends on a fluid and thriving property market, and steady but measured house price growth plays a crucial role in sustaining this.
“As the market experiences a slight slowdown, we must not take our foot off the pedal in terms of innovating the process of building, buying and selling property in the UK. Positive strides have been made across the market in the past 12 months thanks to the increasing application of data and technology. While the market may be cooling for now, behind the scenes it is vital that property professionals remain committed to creating a market that works productively and efficiently for homebuyers, sellers and investors, regardless of market conditions.”