According to the RICS December 2018 UK residential Market survey, the UK housing market ended 2018 on a weak note with uncertainty still precedent from Brexit, alongside continuing other issues such as a lack of stock and also affordability issues.
For those looking to invest in their first properties, the market is relatively steady price wise. Properties listed at up to £500k have had reports stating that sales prices have been at least level with ask prices. Nevertheless, a still noteworthy 34% stated sales prices were coming in up to 5% below. Homes in the highest price brackets are noticeably below asking price.
However, the announcement of the extension of Help to Buy, should continue to underpin the new build market in the near term. This gives the next twelve-month outlook a little bit of an upbeat theme with prices remaining broadly flat with the exception of London and the South East, suggesting that some of the near-term pessimism is linked to the lack of clarity around what form of departure the UK might make from the EU in March.
If you would like more information on the subject or would like to discuss your own project please do not hesitate to contact us for all Building Surveying services. We are based in Rochdale but cover the North West and the rest of the UK.