Andy Sommerville, Director at Search Acumen, comments:
“While reports of a Brexit agreement have resulted in a short-term rally for sterling, a similar boost to the UK property market is unlikely to materialise until well after March 2019.
“Uncertainty and lack of confidence has plagued the UK property market since June 2016, deflating both buyers’ ambitions and house prices in the process. Until the UK understands what Brexit truly means, buyers and property investors alike are likely to remain cautious, keeping house prices flat as a result.
“The prospect of negative house price growth in London once seemed stranger than fiction. However, the city has now experienced 10 months of consecutive decline. The London market, formerly a hub for property investment, is bearing the brunt of the downturn, as appetite amongst foreign investors wanes, and the future of the UK and London in a post-Brexit landscape continues to remain an unknown.”