Brexit delay to boost house prices by 1.1% – adding £3,500 to the value of your home

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.

"While some movers are awaiting the outcome of deal or no deal, many families are keeping on dealing in the housing market."

Bruce King, from Cheffins estate agents in Cambridge said that they are "already seeing an uplift in activity".

Nick Leeming, Chairman of Jackson-Stops, added: "With Brexit delays becoming somewhat of a blur, buyers across the country are getting back to business as usual and
are re-establishing the search for their dream home.

"However, with demand currently far outweighing supply, buyers, particularly those in the family homes market, have become frustrated at the lack of new homes coming to market."

Source: Read Full Article