House prices predicted to drop in early 2020

January 18, 2020 by Alan

House Prices

The latest House Price Forecast issued by the comparison site reallymoving has predicted that the price of houses in the UK is set to experience a 1.7% drop during the first quarter of 2020.

This House Price Forecast suggests that January will see a 0.1% rise in the average home prices for Wales and England, but that will be followed by a drop in prices during the next two months. According to the stats released by reallymoving, the average price of a home in Wales or England will go down by 1.1% during February, and then by another 0.7% in the following month.

Despite this, the forecast also suggests that the annual growth levels will continue to rise across the first quarter of this year, maintaining a trend that began in the summer of 2019. January is expected to see housing market growth of 1.4%, with 3.7% and 3.1% respectively for February and March.

The reallymoving chief executive Rob Houghton stated that the continued growth of this market showed that the general public was more confident about its future than ever.

He also went on to add that, although the house price figures for Q1 are not showing the expected post-election boost, it could be that this will be witnessed in the results for the second quarter of the year, as the festive season may have prevented much house buying activity.

The continued health of the UK housing market is good news for industry professionals, such as mortgage brokers who have completed their CeMAP training.