UK House Prises at 14 month high

According to Nationwide Building Society house prices rose at their fasted rate in January increasing by 1.9%.

It is suggested that this reflects the release in part of the pent-up demand following the clear election result.

Nationwide bases its figures on its own mortgage data and predicts prices to be generally flat in 2020.

According to Nationwide prices rose by 0.5% compared with the previous month.

Robert Gardener Nationwide’s chief economist said “Looking ahead economic developments will remain the key driver of the housing market trends and house prices.

Much will depend on how quickly uncertainty about the UK’s future trading relationships lifts as well as the outlook for global growth. Overall we expect the economy to continue to expand at a modest pace in 2020”.

At DowlingDodd we certainly found that towards the end of 2019 the level new sales agreed reduced which must be connected to the run up to the election.

The first few weeks of January were also relatively quiet although we were still receiving enquiries from clients for HomeBuyers Surveys and Building Surveys. In the second half of the month these enquiries started to turn into instructions and levels of instructions have now increased significantly.

Julian Crosby, Managing Director with some 40 years’ experience in the local market, is confident that although we may only see a modest increase in values in 2020 demand will remain across all sectors of the market.

Already we are seeing a wide variety of instructions from first time buyers looking for assurance by having a HomeBuyers Survey to several clients buying investment properties on the Roseland in St Mawes and Portscatho as well as North Cornwall hot spots such as Port Isaac.

Our message continues to be that Cornwall remains the best place to live and whether you are moving locally or moving into the area we are here to help and advise you on the purchase of your new home.

Published 12 February 2020