With 2019 now well underway, we’re beginning to get an idea of how the year will play out in terms of the housing market. Across the country, property prices are still feeling the effects of Brexit uncertainty and even desirable areas are experiencing unpredictable conditions for both buyers and sellers. So what’s really been happening to property prices in the first quarter of 2019? We decided to find out.
Brexit, Brexit, Brexit
Whatever your feelings on Brexit, it’s impossible to deny that on going uncertainty regarding Britain’s exit from the EU is having a significant impact on the country’s property market. Both buyers and sellers are waiting to see what the outcome of negotiations will be and how the final deal that the Government reaches with the EU will affect the UK economy.
As a result, the market has slowed considerably over the past few months. In the first quarter of 2019, house prices across the UK fell for the first time since 2012, with the average home now 0.7% cheaper than the same period last year. The area with the biggest drop in prices was London. Homes in the capital fell by an average of 3.8% while those in the South East of England saw prices drop by around 1.1%.
East Anglia sees house price rise
Although average house prices have fallen across the UK over the past three months, properties in East Anglia have managed to defy this downward trend. According to figures published in The Guardian, prices in the region actually rose by 1.7% during the first quarter of 2019, showing that there’s still significant demand for homes in the area.
Market towns in the south of Norfolk and Suffolk are experiencing especially strong demand from house hunters, with increasing numbers of people looking for homes in places like Loddon, Beccles and Bungay despite the uncertainty. Although the property market in the area is still susceptible to the uncertainties affecting the rest of the UK, the fact that homes in the region are defying the odds and going up in price shows just how desirable this part of the country really is.
How to avoid the property price slump
If you live in Norfolk or Suffolk, there’s a very good chance that your property is steadily going up in value. However, if you want to ensure that you don’t fall foul of the current slowdown, there are several steps you can take to make your property as attractive as possible to potential buyers.
For a start, you need to give your home a good clear out and a thorough clean. You should also take care of any obvious maintenance jobs that might put potential buyers off your property. It’s also a good idea to seek out a good local agent. Having an experienced company market your property can make a huge difference when it comes to attracting buyers.
Find out more about the local property market, and putting your home up for sale, by getting in touch with a member of our expert team.