British homeowners could be in for another disappointing year as Brexit uncertainty threatens to sap all enthusiasm out of the property market in 2019. New housing market data released on Thursday paints a bleak picture. Nationwide reported that house price increases all but stopped in January, making it the worst month for price growth in six years. “Annual house price growth almost ground to a complete halt in January, with prices just 0.1% higher than the same time last year,” said Nationwide’s chief economist Robert Gardner. “The economic outlook remains unusually uncertain,” he said, noting that prices weren’t budging despite “a backdrop of solid employment growth, stronger wage growth and continued low borrowing costs.”
He predicts that average housing prices would only get a meagre “low single-digit” uplift in 2019 and that’s only if the economy keeps growing at a modest pace and unemployment rates and borrowing costs remain steady. Average annual house price growth was around 2% in 2018, slightly weaker than in 2017, according to Nationwide data. This contrasts sharply with the boom days of mid-2014, when average house prices were rising by more than 11%.
“However if you are looking to buy in Wolverhampton now is a great time, once Brexit has been put to bed and done with and the confidence returns to the market prices will start to rise at a quicker pace”. Do not miss the boat as they say the time is now, buy property and wait not waiting for a stronger market when you will pay more”.