Established local property experts, Waterfords Estate Agents, take a look at what 2019 has in store for the property market and guide you through the turbulent times as the well-known Brexit withdrawal date approaches.
It has undoubtedly been a disconcerting time since the UK voted to leave the European Union (EU). With the outcome still very unclear and as the political backdrop hots up, we take a look at key Brexit market indicators to see what has changed since the referendum result on 23rd June 2016.
With house prices rising by 9% since then, a UK buyer needs almost £20,000 more to buy an average-priced home now than they did in June 2016. However, the value of sterling against both the Euro and US Dollar remains weaker than in June 2016. As such, US and European buyers will find properties in the UK 6% cheaper than they did before the vote.
Housebuilders’ shareholders have seen mixed fortunes. While regaining losses felt in the immediate aftermath of the vote, as the deadline for withdrawal approaches, share prices have taken another hit. Of all our key indicators, only the FTSE 250 is stronger now than it was before the referendum, although it has lost the majority of its gains since its high of June 2018.
2019 house prices and property market predictions
It’s not all doom and gloom… Despite 15% less house sales, demand for housing has pushed house prices up in the South East of England by 2.4% in the last year.
As 2018 draws to a close, housing market commentators publish their predictions for the year ahead. Their findings place house price growth at 0.1% for 2019, although HM Treasury's average forecast is more optimistic at 2.2%.
Both the agent research departments and the Treasury forecasts become more closely aligned in 2021 at between 2.8% and 3% growth in average UK house prices. The overall trend is for growth every year.
Agents are predicting a total of 10.9% growth after five years, with HM Treasury's average forecast expecting that will be achieved after just four years (end of 2022).
All of the forecasts are based on a set of assumptions, namely that a Brexit deal is agreed and that there is a transition period which will remove the uncertainty that has hung over the market since the referendum. This should help to ensure that the UK's economy continues to grow, and consumer confidence will be reinstated. These factors would fuel an appetite for house purchases.
Use a trusted estate agent in 2019
Managing Director, Brendan Cox, comments;
“One thing that is definite is that this turbulent uncertainty will undeniably impact the property market. We predict that buyers will be much more cautious in the year ahead. However, with a lower number of properties coming to market overall, demand for housing will remain high. This means house prices are likely to remain steady and not fall significantly. Buyers are seeing unchanging house prices as an opportunity to move.”
Why use Waterfords to sell your home in 2019?
During a time of uncertainty, using an experienced estate agent with in-depth local and national property market knowledge is essential to sell your home successfully. See four good reasons to use Waterfords Estate Agents to sell your home in 2019:
Waterfords provide outstanding customer service. Over 600 homeowners, landlords, buyers and tenants have rated Waterfords as the number 1 High Street Estate Agent in the UK on Trustpilot.
Waterfords sell your home quickly. With a range of packages, our award-winning property marketing and talented property consultants effectively market your home.
Waterfords get you the best price. Waterfords are confident that homeowners will successfully sell in 2019, but warn that overpricing your property will fail in a time when buyers are being cautious. With over two decades of property market knowledge, Waterfords have access to the most accurate pricing data, meaning your home is priced to sell.
Waterfords are with you until completion. The time between an offer being accepted and exchange can be a stressful time for both seller and buyer. Waterfords have created our very own in-house Sales Progression Team to take away the worry and minimise the chance of costly fall-through’s.
“Whether you are planning a move or are just curious about the value of your property, we would love to hear from you. Our advice is free and without obligation. You can get an instant online property valuation by clicking here or alternatively call our friendly Customer Contact Centre on 01252 235348 to book an appointment.
We wish you a Happy Christmas and look forward to helping the local community with all their property related queries throughout 2019.”