September property market report

• Summer slowdown continues
• September bounce fails to materialise
• All eyes on Westminster and Brussels

Despite the positive signs at the start of the summer, it’s now clear from the lagging indicators that the housing market has slowed significantly since then.

Growing pains

Nationwide’s House Price Index for August was flat, leaving annual growth for the year at 0.6%. In terms of the national picture, many observers are now predicting a year of almost no growth. While it’s true that the market tends to slow down significantly in July and August, this year appears to have been particularly impacted by the political and economic climate. The Brexit stalemate has cast a shadow over the economy, with the UK flirting with recession during the last quarter and the present one.

Summer washout

What about the traditional early to mid-September post-holiday bounce? Well, just like the great British summertime, the climate is patchy at best. As we enter uncharted political waters, the housing market continues to lag, and we don’t envisage this changing until one way or another, there is certainty over Britain’s protracted withdrawal from the EU.

Looking ahead

Just like Parliament, the housing market has slowed this month, with the future looking hazy on all fronts. However, while no one can predict anything with total certainty, we do expect the housing market to bounce back if and when a deal with the EU is reached. Of course, if there is any further delay, or a no deal outcome, all bets are off.

Either way, with the November-to-December seasonal slowdown around the corner, once a Brexit conclusion is reached, most homeowners will hold onto their hats and wait to see what January has in store for their big move.

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