12th September 2019 | Super Administrator
It has been reported by Halifax that the UK house prices have remained stable through late summer, rising ever so slightly by 0.3% in August. This is perhaps surprising given the political and economic upheaval relating to the ongoing Brexit mayhem. At Cliffords we are both honest and realistic and our passion for property in the Ilford, Seven Kings and Goodmayes areas mean we keep a close eye on what is happening with house prices and availability. There has been a fast rise in annual house prices since April, with there being an average increase of 1.8% since August 2018. However, the month by month increase is a tad lower than the previous monthly rise of 0.4%.
As an example, to show how stagnant house price growth has been this year, the cost of the average UK home in March 2019 was £233,458. In August this was only a tad higher at £233,541. With the ongoing upheaval and uncertainty surrounding economics, people seem to be more cautious and in uncertain times with finances and jobs seemingly insecure it is no surprise that both buyers and sellers seem to be understandably cautious at this time. With this in mind, it is quite impressive how resilient the market is and sales are going through at a steady rate in Ilford and the surrounding areas. A good property is a good investment and while Ilford properties are available, they also attract a healthy amount of interest from potential buyers.
While the chaos of Brexit may cast a question mark over financial stability for some, people and businesses need to continue day to day and both the buying and letting markets are not showing any sign of decline in the immediate future. We could perhaps find it comes to a grinding halt for a period of time but Ilford properties are currently showing they are maintaining their value so this could potentially be a great time to move.