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House prices to fall over the next three months
Annual growth is still set to be positive, but Brexit worries will impact the housing market for the rest of 2019
House prices across England and Wales are set to dip 0.3% over the next three months to December 2019, according to reallymoving.
The home move services company said that overall the housing market is showing resilience and that annual growth will remain positive to the end of 2019.
How does it know?
Reallymoving says it can accurately predict future house prices because homebuyers register for quotes on its site typically 12 weeks before their purchase completes – and they include the price they’ve agreed to pay for their new home.
It predicts that average house prices are on course to increase by 1% in October before falling by 0.3% in November and 1.1% in December.
The impact of a UK departure from the EU on 31st October, with or without a deal, will not be evident until sales agreed in October and November complete in January and February 2020.
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Rob Houghton, CEO of reallymoving, said: “The fact that house prices are on course to remain broadly stable over the next three months, alongside positive annual growth, suggests that buyers and sellers have adjusted to a ‘new normal’ and become resigned to doing deals against a backdrop of political instability.
“While our forecast looks beyond the current Brexit deadline of 31st October, the impact of a departure from the EU at the end of this month will not be evident in the data until January and February 2020, when the deals agreed in October and November complete.”