Rightmove predict ‘more of the same’ for 2019 market
Asking prices will stay flat next year, Rightmove is forecasting.
It believes that the “current sound fundamentals of the housing market” will continue, but that any increase in political or economic uncertainty would have a detrimental effects.
Rightmove says asking prices in the north could rise by 2% to 4%, but that prices in the London commuter belt could drop by 2%.
Asking prices across London will still fall, but by 1%, rather than the current annual rate of decrease of 2.4%.
Rightmove director Miles Shipside managed to deliver the forecast without mentioning Brexit, although he did refer to uncertainty.
He said: “Since the property market’s recovery from the 2008 financial crisis, many parts of the northern half of the UK have seen marginal or relatively modest price increases.
“We predict that these areas will continue to see price rises, though tempered by affordability constraints. In contrast, regions in and around the influence of London saw prices go up in a five-year period by an average of around 40%.
“Consequently, we forecast that these previously booming areas will continue to see modest downward price re-adjustments in 2019.
“Agents in some locations are reporting that home movers are being negatively influenced by the ongoing political uncertainty, and a more certain outlook would obviously assist market sentiment.
“Whilst uncertainty traditionally deters some discretionary movers, particularly at the high end of the market, there are many would-be buyers and sellers who will be getting on with their lives and will be keeping the market moving.”