Halifax’s latest house price index shows although annually property prices are still up +5.8%, growth has slowed to +0.1% month on month, down -0/1% quarterly.
This cooling in the market is being blamed on a lack of both property supply and demand, with this set to change with the market heading into traditionally one of the busiest periods of the year. Despite the cooling in prices, the market is still in a better position than September last year, when prices were down month on month by -1.4%.
Halifax’s figures show the market has continued to slow, with growth almost stalling month on month and down marginally over the last quarter.
Although there may be a small few still walking on EU eggshells when it comes to the sale or purchase of a property, the Leave decision continues to have a very minute influence on the UK market at present.
Those small few should remain reassured that until Article 50 is triggered the UK market will remain in good health when compared to previous years, albeit cooling slightly, and endure no sudden or lasting impact as a direct result. When Article 50 is implemented, we could see a market wobble, however the extent of this is likely to be minor.
We are heading into what is seasonally a very busy time in the UK property market in the lead up to Christmas, with many looking to get their sale or purchased over the line before the festive season starts. I’m confident that over the coming three months we will witness the usual winter flu shot to the market, with the scramble to complete helping to push prices up again.
Our advice for those on the Brexit fence would be to keep faith in what remains to be a strong UK market, as indecision at this point is based on nothing but empty rhetoric from both sides of the Brexit camps.Russell Quirk