April’s figures from Nationwide were released this morning showing a drop in property growth for the second month in a row and they are at their slowest in almost four years.
Although the average property price across the UK grew slightly from £207,308 to £207,699 month on month, the price growth both monthly and annually has dropped. From March to April, the numbers went from -0.3% to -0.4%, while a greater drop was suffered year on year from 3.5% to 2.6% this past month.
eMoov CEO and property expert, Russell Quirk, shared his views on seeing the latest numbers.
A further drop in property values certainly seems out of the ordinary for this peak time of year and is almost certainly being influenced by the decision to call a snap election.
The market had shown promising signs of picking up after months of uncertainty caused by the lead up to Article 50 being triggered. But it would seem this latest cat amongst the pigeons has once again caused an unseasonal freeze amongst UK buyers and sellers.
It is likely that this initial drop will be due to a snap election aftershock reverberating across the UK property sector and causing an almost immediate decline in price growth. But the heightened buyer demand that comes with this time of year should soon reverse this, if not before June, then immediately after the election dust has settled.Russell Quirk