Housing Market Figures January 2019
If you haven’t seen this document before it offers an insight into the housing market activity and asking price changes month to month.
This graph from the Nationwide report shows the possible impact of Brexit uncertainty on house price growth. Falling from 4% per year in January 2017 to 0% growth for January 2019.
The Help to Buy effect.
Has it helped first time buyers or just boosted builders profits?
Has Help to Buy made an impact on home ownership for first time buyers? Or have new homes builders being able to out compete the used market with more buying options and set higher pricing on new build homes due to the £600,000 Help to Buy cap?
Has this artificially increased prices across the rest of the market?
The Government is currently reviewing the amount of money new home builders contribute towards the local community, roads and schools through section 106 agreements in return for permission to build. Should this amount increase to reflect the amount of profits being made? Visit the ministry of housing website to read more.
Should you buy now or wait?
The housing market appears very flat and although rightmove.co.uk is reporting increases in asking prices, the number of properties per agent has fallen, average time to sell has increased and the actual sold prices reported by Nationwide show a steady fall.
There are less seller coming to the market, those that do, seem to be selling due to death, divorce or relocation. There are even less buyers, so if you are looking to buy a property this could put you in a strong negotiating position.
Taking away all of the above the housing market is fairing pretty well, interest rates are low and once Brexit is resolved there could be a fast recovery.