Prospective home buyers have been motivated to pursue their property search, as they could end up with a bargain after it has been revealed that house price growth recently fell to its lowest level in five years.
Nationwide reported that property values in the UK grew at an annual rate of 0.5 per cent in December – a level that has not been recorded since February 2013.
Some areas, including London, even saw a decline in house prices last year, with the capital’s properties dropping by 0.8 per cent over the 12-month period.
Chief economist for the building society Robert Gardner told the BBC the slowdown in house price growth was not anticipated.
“It is a little bit surprising that house price growth has slowed as much as it has in the last month or so,” he stated, adding: “It seems to be the uncertain economic outlook that is really weighing on buyer sentiment.”
Mr Gardner predicted the property market could start to improve this year after the UK survives “Brexit uncertainty”. After this, he anticipates house price growth will be back to typical levels of two per cent per annum.
December’s figures for the UK were particularly low for the year, dropping from an annual rate of 1.9 per cent in November. However, many people might have been deterred from going through with a house purchase in the lead-up to Christmas, which could explain such a decline in figures.
The property market could pick up again now the new year has begun, particularly after March 29th when Brexit gets underway. Therefore, those considering moving should capitalise on current low house prices to get the best house for their money.
If you are successful with your purchase, do not forget to book a reliable removal company in Bournemouth to help with your big move.