‘Subdued’ demand from house buyers

Image copyright Getty Images

Uncertainty in the economy, as well as a squeeze on household budgets, is keeping potential buyers out of the housing market, a lender has said.

The Nationwide Building Society said that demand from buyers was “subdued” and unlikely to pick up soon.

UK house prices had risen by 1.9% in the year to November, it said, with the average value of a home now at £214,044.

Analysts said Brexit uncertainty was also making buyers cautious.

Recommended For You

Lingo Blaster PRO Monthly

30 Day Money Back Guarantee

Lifetime Stock Video Reseller 3-Pay 20

Reseller Privileges to 20 Accounts of Lifetime Stock Video

The Nationwide said that the annual property prices increase had accelerated compared to the 1.6% rise in October, which had been a five-year low.

Prices were up 0.3% month-on-month compared with October, it said.

Robert Gardner, Nationwide’s chief economist, told BBC Radio 4’s Today programme that there was a wide range of ways Brexit could affect the housing market, with a shock hit from a “no deal” still unlikely.

“Our central expectation is the UK will eventually reach a deal with the EU and continue to grow, at a fairly modest pace in the near term with this accelerating as the uncertainty lifts. But we’re prepared for lots of different circumstances,” he said.

However, if uncertainty were to lift in the months ahead and if employment continued to rise, there was scope for housing market activity to pick up through the next year.

Recommended For You

Traffic Zombie 2.0 Pro

Traffic Zombie is a tool for creating referral-rewards.

Christmas PLR Bonanza – Bigger and Better offer

Christmas PLR Bonanza – Bigger and Better offer(10X More Profits) Grab All PLR Products (Basic Pack + Upsell) of your Choice. Total 25 Complete Biz-in- a Box at Rocking 66% Discount

TigerPress Volume 5 Expansion Pack DS

Reduced expansion pack containing the 3 x HTML themes and bonuses.

Analyst Howard Archer, chief economic advisor to the EY ITEM Club, said that the UK housing market would “remain stuck in low gear over the coming months”.

“Although there are varying performances across regions with the overall national picture dragged down by the poor performance in London and parts of the South East of England,” he said.

“Caution over making major purchases may well be magnified by current heightened uncertainties over Brexit. House buyers may also be concerned about further interest rate hikes over the coming months – even if they are likely to be gradual and limited.”

Where can you afford to live? Try our housing calculator to see where you could rent or buy

This interactive content requires an internet connection and a modern browser.

View affordability data by UK region

View affordability data by local authority area

Your results

Amount of the United Kingdom that has housing you can afford
Range of affordable areas includes: Armagh City, Banbridge and Craigavon and Belfast

No affordable areas

Recommended For You

Lifetime.Chat Reseller 3-Pay 50

Reseller Privileges to 50 Accounts of Lifetime.Chat

Stocknation Ultimate Lite

Stocknation Lite is a collection of amazing HD Videos.

Video Ads 2.0 Success Kit Upsell

Get this Up-to-date "Video Ads 2.0 Success Kit" with PLR Rights and start cashing in huge by selling it as your own.

Search the UK for more details about a local area

What does affordable mean?

You have a big enough deposit and your monthly payments are high enough. The prices are based on the local market. If there are 100 properties of the right size in an area and they are placed in price order with the cheapest first, the “low-end” of the market will be the 25th property, “mid-priced” is the 50th and “high-end” will be the 75th.

Original Article : HERE ; This post was curated & posted using : RealSpecific

Thank you for taking the time to read our article.

If you enjoyed our content, we'd really appreciate some "love" with a share or two.

And ... Don't forget to have fun!

Recommended Products


Biggest Video Graphic Asset Library

Lifetime.Hosting Diamond Bundle 36 (Lifetime.Chat Special)

Lifetime.Hosting Diamond 12 Plan, Lifetime.Hosting Triple Up Upgrade to 36 websites with 36 gb storage, 12 Lifetime Domains, Lifetime.Hosting Diamond Addon with unlimited SSL, priority backup protection and cPanel Migration (plus 10 bonus domains)

Leave a Reply