The housing market is set to enjoy a ‘remarkable’ revival this summer as house prices bounce back after three years of Brexit-induced catatonia in many parts of the UK.
Reallymoving.com says analysis of its customer data points to a 9% increase in house prices over the next three months, taking the average house price in the UK to just under £300,000 by the end of August.
The company claims there is considerable pent up demand in the market following three years of uncertainty because many ‘doubt that Brexit will be resolved any time soon’.
Launching its inaugural House Price Forecast report, ReallyMoving.com says customers register with its service 12 weeks before their purchase completes, providing house price information ahead of the other indexes.
“Despite a slow start, the spring market has shown a good deal of resilience, with prices agreed during the past few weeks forecast to deliver a surge in average values of 6% between May and June 2019, followed by a further 3% increase in August,” its report says.
Rob Houghton, CEO of ReallyMoving (left), says: “Our forecasts suggest that sellers are growing tired of the ‘wait and see’ approach and once the Brexit deadline passed at the end of March, with no further clarification, sellers decided to press ahead with their move.
“This new buyer demand and a continued shortage of quality housing stock is on course to drive strong price growth between May and August, with particular surges in regions benefiting from strong demand such as the North East and the South West, where affordability remains attractive and wages are rising.”