The annual growth of house prices in the UK is being predicted to reach nearly 6% during the spring, in the latest forecast announced by the property site Reallymoving.
The company is stating that there will be a 5.9% rise in the growth of UK house prices during April, which will see the average price of a property hit £300,995. If this prediction turns out to be correct, it will be the biggest rise in the annual price of homes in just over four years, when they experienced an increase of 7% in comparison with the year before.
The figures from Reallymoving suggest that both February and March will see prices go down, by 1.1% and 0.7% respectively, prior to the rise during April. Speaking to Mortgage Strategy, Rob Houghton, the chief executive of Reallymoving, stated that the election result had ensured a greater degree of certainty about what would happen for the UK in the future and that this was allowing both property sellers and buyers to make moves again. He went on to add:
“This surge of optimism is clearly evident in sales agreed in January, which we anticipate will be visible in Land Registry data in April.”
Houghton concluded by saying that the spring period may turn out to be the best time to buy or sell a home, depending on how Brexit trade discussions go.
Mortgage advisors with a CeMAP qualification will want to make the most of this period to help borrowers find an affordable residential mortgage.
