House price growth hit a five-year low in January 2019, Land Registry data shows. Its figures revealed that house prices grew 1.7% annually at the start of the year to an average of £228,147 and fell 0.8% on a monthly basis.
The annual figure is down from 2.2% in December 2018 and the lowest rate since June 2013 when growth was at 1.5%. While we have grown accustomed to a slow start in the property market following the Christmas period most commentators agree these figures suggest that the mounting political uncertainty has undoubtedly contributed to the underwhelming low house price growth.
Positively some are still expecting a modest spring bounce. This will be aided by pent-up demand from those looking to carry on with business as usual and there could be a flurry in the market once a deal has been done and a decision has been made – regardless of whatever decision that may be.
There’s no doubt that a cut to Stamp Duty rates to the middle to top end of the market would be welcome, but Government clearly only has Brexit on the brain.