UK Property Prices Still Increasing – Post-Brexit Doom-Mongers Wrong

UK Property Prices Still Increasing - Post-Brexit Doom-Mongers Wrong

UK property prices set to crash? Not according to the Centre for Economics and Business Research and Russell Quirk, CEO of eMoov.co.uk

So much has been said about the property-apocalypse which could follow the UK voting for Brexit, however, much of this appears to have been overblown (at least for the next few years).

For example, the economic think tank, the Centre for Economics and Business Research, this week, forecasted that UK house prices are set to rise by 5.7% this year and 2.2% in 2017.

Many leading property experts feel that it will only be London where prices will dip and this could be by as much as 5.6% next year, (after rising by 6.8% this year).

The trend over the next few years looks to be a positive one as across the board, the average UK property price is expected to be £40,000 more expensive by 2021.

One of the leading go-to property experts for a straightforward opinion is Russell Quirk, the founder of eMoov.co.uk, here’s what he has to say about the current state of the UK property market:

eMoov CEO, Russell Quirk
eMoov CEO, Russell Quirk

“The first evidence of the post-apocalyptic Brexit property market and on the face of it, not a lot to worry about with prices up 0.5% monthly and 5.2% annually.

Yes, this isn’t a huge rate of growth but prices are still continuing the upward trend enjoyed since 2012. That’s not to say there won’t be any impact, as the likes of Nationwide and Halifax usually report on somewhat of a lag, due to the use of mortgage offers data, not cold hard completions.

This said the UK property market is one of the strongest in the world and historically house prices are higher than July 2014 and July 2015, so it’s looking pretty healthy across the board.

It’s important UK home sellers take any Brexit doomsayers and their forecasts with a pinch of salt and avoid acting irrationally where the sale of their home is concerned.

We are entering a traditionally slower time for the property market and so this cool in price rate growth is always likely to happen during the summer months. Once September rolls around again we predict things will start to pick up and prices will continue their sharp ascent.”

You can read more on the state of the UK property market from Russell Quirk here

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