The housing market is still doing well despite the on-going uncertainty of Brexit, with property values having increased by 1.8 per cent between August 2018 and August 2019.
Halifax’s latest House Price Index reported a 0.3 per cent growth in property prices during the month of August, with a 0.1 per cent increase for the preceding quarter.
Therefore, the average value of a home stood at £233,541 last month, compared with £229,317 in August 2018.
This is particularly impressive given the political instability in the UK at the moment, with Brexit negotiations still not concluded.
Russell Galley, managing director of Halifax, said: “While on-going economic uncertainty continues to weigh on consumer sentiment – with evidence of both buyers and sellers exercising some caution – a number of important underlying factors such as affordability and employment remain strong.”
He noted the property industry is showing signs of “resilience for the time-being”, despite Prime Minister Boris Johnson and his predecessor having failed to reach an agreement over a Brexit deal.
Britain was given a six-month delay from the end of March to October 31st 2019 to come up with a leaving strategy, but time is running out to settle on a plan.
If the government does not establish a deal by October 19th, but MPs also do not agree on a ‘no-deal Brexit’, Mr Johnson would have to ask for another delay, which could deter more homeowners from putting their properties on the market for longer.
As it does not seem many politicians are in agreement when it comes to a Brexit strategy, many people could soon be considering updating their home with wallpapering in Hampshire instead of selling their property and looking for somewhere else to buy.