Britain may be no closer to knowing the exact terms of its exit from the European Union, despite the official withdrawal date being a little over four months away, but this uncertainty doesn’t appear to be having a damaging effect on the housing market.
The latest data has shown that house prices increased at their fastest rate for two years in May 2019, while forecasts suggest that further growth is on the cards over the summer months.
The latest Halifax House Price Index revealed that, during the three months from March to May, UK house prices were 2.5 per cent higher than in the preceding quarter (December to February).
Year-on-year comparisons showed a more significant increase of 5.2 per cent, although this was largely down to the particularly slow performance recorded in the corresponding period in 2018.
For investors looking for opportunities in UK property at the moment, one of the most encouraging takeaways from the Halifax report is the general stability of the housing market, despite Brexit and other distractions.
Russell Galley, the bank’s managing director, said: “The overall message is one of stability. Despite the ongoing political and economic uncertainty, underlying conditions in the broader economy continue to underpin the housing market, particularly the twin factors of high employment and low interest rates.”
A bright summer?
Elsewhere, reallymoving, a comparison site for home moving services, released a new forecast indicating that UK house prices are on course for a “summer surge” over the coming months.
It predicted that average house prices will increase to £299,300 by July, representing a nine per cent increase from April’s figure of £280,912.
Looking at the regional picture, the firm said the north-east is one area that is set to experience particularly strong price growth this summer.
This region is home to Opto Student Newcastle, while in another fast-growing part of the UK, north-west England, investors can currently secure a stake in developments such as Liverpool’s Infinity Waters.
Brexit property investment guide
Before purchasing a buy-to-let property, why not read Experience Invest’s free guide Understanding Property Investment in a Post-Brexit World. This online resource explains why Brexit is a buying opportunity and includes useful insights about considerations to safeguard your next investment.
To find out more about investment prospects that could allow you to benefit from positive trends in the housing market, contact Experience Invest.