Brexit uncertainty hits home purchases





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PA



The West Midlands had the strongest annual growth in house prices in the UK in the twelve months to November 2018.

However, residential activity in southern England was muted due to Brexit uncertainty.

Average real estate prices across the UK rose 2.8%, compared to 2.7% annual growth in October 2018.

In the West Midlands, prices rose by 4.6%, according to the latest official figures from the National Statistics Office (ONS) and the Land Registry.

The average British house price stood at £ 230,630 in October, down 0.1% mom.









Slower

In the past two years, growth in UK house prices has slowed, mainly due to a slowdown in the south and east of England, the report said.

The lowest annual growth was in London, where prices actually fell 0.7% month-on-month from November to November.

House prices in London have fallen since July 2018 over the year, while potential buyers and sellers have postponed transactions in southern England until after the EU's withdrawal.

Other regions showing the strongest price growth after the West Midlands were the East Midlands (+ 4.4%), the Southwest (+ 4.3%) and the Northeast (+ 4%).









United Kingdom and Gibraltar European Union membership referendum uncertainty

Royal Institution of Chartered Surveyors UK housing market survey for November 2018 was subdued in almost all areas of the UK, mainly due to the uncertainty surrounding Brexit and the lack of fresh stocks.

UK Property Transactions statistics for November 2018 showed that, seasonally adjusted, the number of residential property transactions worth at least £ 40,000 at £ 100,930 was 0.5% lower than in the same period last year.

Kevin Roberts, director of the Legal & General Mortgage Club, said: "The ongoing political uncertainty is clearly leading some buyers and sellers to adopt a wait-and-go approach to the real estate market."

North London real estate broker Jeremy Leaf said: "On the one hand, the risk of uncertainty in the real estate market is increasing after yesterday's vote on the Brexit deal, and on the other, it can help focus the mind on all sides as a" no-deal "threat "increases, which immediately after the announcement of the result in the strengthening of the pound sterling."

Wales is experiencing biggest price growth

At country level, the largest annual price increase was in Wales, where prices rose 5.5% over the year.

In Scotland, house prices rose 2.9% in the last 12 months.

In England, the average price rose by only 2.6% over the course of the year.
















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