House prices are expected to pick up during spring, despite Brexit delays. Prices rose by 1.1 per cent in April according to Rightmove’s house price index, adding another £3,447 on average to the cost of property.
Average house prices are now at £305,449 up from £302,002. It’s the largest rise seen at this time of year since April 2016.
Over the past few month’s Britain’s fraught departure from the European Union has temporarily stalled the housing market as buyers continue to drag their feet while they wait for the out come of Brexit.
But even though Article 50 has been pushed back until October 31, the report by Rightmove predicts that the “delay could boost the spring market” as buyers become fed up with waiting.
Miles Shipside, Rightmove director and housing market analyst said that even though it’s usual for house prices to rise in spring, “it’s one of the most price-sensitive markets that we’ve seen for years.”
In March, the average time to sell a property dropped down to 67 days compared January when it peaked at 77, although it’s still not as low as it was in May 2018 at 56.
The amount first-time buyers are spending on houses is up by 0.7 per cent at £190,920 up from £189,606 compared to the month before.
Three to four-bed family homes are the most in demand and have seen a 0.7 per cent price price increase despite a 0.1 per cent drop nationally.
The property analyst has put this down to families’ needs are often driven by the need of more space or local schools which outweigh Brexit uncertainty.
Miles Shipside, Rightmove director and housing market analyst said: “[House buyers] have already delayed for a year or two waiting for Brexit clarity, and understandably their patience is wearing thin.
House prices ‘will fall this year’ as Brexit uncertainty freezes market. “While some movers are awaiting the outcome of deal or no deal, many families are keeping on dealing in the housing market.”