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RICS has released its Housing Market Forecast for 2019 which suggests that the UK property market will be at a "stand still" during 2019 although rents may start to increase.Key findings:
As sales activity continues to falter, house price growth will continue to fade in the first half of the year and is expected to come to a standstill by mid-2019. As such, the RICS Housing Forecast 2019 suggests prices will neither grow nor fall in the near future (0%).In the lettings market, the sustained demand vs supply challenge prevails, which is likely to squeeze rents higher, albeit modestly, over the coming four quarters.
Tarrant Parsons, RICS Economist comments: "Demand has tailed off over recent months, with Brexit uncertainty causing greater hesitancy as the withdrawal deadline draws closer. That said, the current political environment is far from the only obstacle hindering activity with a shortage of stock continuing to present buyers with limited choice, while stretched affordability is pricing many people out.
"For the year ahead, this mixture of headwinds is unlikely to dissipate, meaning sales volumes may edge a little lower. On the back of this, house price growth at a UK level seems set to lose momentum further, although the lack of supply and a still solid labour market backdrop will likely prevent negative trends.
"It's not all bad news for the outlook however, as sentiment could be lifted if a deal were to be reached on the withdrawal agreement before too long. Furthermore, mortgage rates are set to remain favourable, with any changes in monetary policy expected to be minimal over the next twelve months."DOWNLOAD THE FULL REPORTSEE ALSO - Property market predictions for 2019UP NEXT - Is property price stagnation on the way?DON'T MISS - Admission that Government policy is causing homelessnessNOW WATCH:
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
I'll take a £1 bet with anyone that overall, excluding London, house prices in the UK will not fall on average in the next 12 months.
People are waiting until Brexit is over then the build up of people holding off will be let loose and it will be normal service.
The finite commodity that we're really buying when we buy property, land, doesn't change if we are or are not in a mainland European Bureaucracy...
Great read Vanessa!!
Interesting to see if this will become correct. If so it shows now is the time for investors to buy property.
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