January is proving a bleak month for our weather, but may not be so gloomy for the Housing Market

Posted by Mark Scott on
Mark Scott, Residential Property expert at Blake Morgan, comments on figures published today by Halifax, on the decrease in house prices for the first time since June.

"Following the release of figures from the Halifax, we  have recently seen a fall in house prices in December, the first fall in prices for six months, which surprised many, but on the whole was not that unexpected considering the market conditions generally throughout 2017. In my opinion, this was a reflection of the uncertainly we saw in the UK residential property market as a result of the ongoing Brexit negotiations and  coupled with a slowdown in general recruitment levels across the UK in the last quarter.

Perhaps January will not be so gloomy?  Already there appears to be a much more optimistic feeling for the forthcoming year with predictions of better growth than last year and suggestions of a more sustained increase in activity throughout the coming year as a result of the Government's change to SDLT rates for first time buyers and its decision to tackle unfair leasehold terms, more funds flowing from residential mortgage lenders and signs of some developers who will be looking to capture a wider market by offering more attractive packages on new homes.

Time will tell, but it may be warming up sooner than we think"

About the Author

Mark heads up the London residential property team and specialises in all aspects of residential property law. He has built a good reputation with his clients and contacts, he continues to build his practice acting for a diverse background of clients from the UK and throughout the world.

Mark Scott
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