House prices in the UK are set to grow this summer, increasing by 9% between May and August 2019, according to a new analysis of agreed sales prices.
The first house price forecast report from Reallymoving predicts that while average prices fell steadily between January and April due to Brexit uncertainty, the effect on consumer confidence is likely to ease.
The firm used data on prices agreed using its home buyer records to provide what it describes as an ‘accurate three month property price forecast’ as movers typically look for home moving services 12 weeks before moving.
Historically, Reallymoving’s data has closely tracked the Land Registry’s price paid data, published retrospectively and it says that despite a slow start to the year, the spring market showed a good deal of resilience.
It says that prices agreed during the past few weeks forecast to deliver a surge in average values of 6% between May and June 2019, followed by a further 3% increase in AugusThe market is following a similar pattern to spring/summer 2018, when the Land Registry recorded price rises of 4.4% between May and August 2018, but this year, greater pent up demand and growing impatience with the Brexit process has resulted in a more pronounced increase in house prices during the summer period.
Annually, prices have been consistently lower than the previous year between January and May 2019. A notable annual drop in values in May 2019 of 6%, it says, is further evidence that this year the spring market has accelerated later than in 2018, as the traditionally busy spring sales window was delayed by Brexit uncertainty.