2019 year-end house prices

The latest UK House Price Index figures show that September 2019 saw the average house price stand at £234,370.

Compared with the previous month, property prices have fallen by 0.2%, though year on year, they have risen by 1.3%.

As the end of the year approaches, we think Rightmove sum things up pretty well when they say: ‘Looming election deters sellers but cheaper prices tempt buyers’. We do seem to find ourselves in a swings and roundabouts situation.

It is worth bearing in mind that the housing market is seasonal in any economical or political climate so regardless of the current situation and the unprecedented December election creating uncertainty, house prices generally fall during the winter months, in any case, as demand falls.

We really won’t be able to pinpoint where the market is going until the new year and the next government is in place.

Certainly, falling prices are a boon for first time buyers, coupled with low interest rates. It may encourage many, who previously thought it impossible to get on the housing market, to take the plunge.

However, for home movers, the loss of equity could deter them from possible moves if house prices continue to fall.

As is often the case, house prices fluctuate not only from region to region but from town to town, too. And sometimes even from one street to the next. So, a one size fits all assessment isn’t possible.

That said, to give you some idea on the North West, in general, statistics show that month on month, house prices have fallen by 2.0% and year on year, they have grown by 2.5%, faring well against the national average growth.

For any more information on the property market in your area, the Euxton team are always happy to help.