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Halifax Tips Stability In 2019 Housing Market

  09 Jan 2019

It is natural that many people are looking for insight into how the property market is likely to behave for the rest of the year. One organisation that many people pay close attention to is the Halifax, and they have predicted that houses are likely to be stable in 2019. The Halifax has also stated that the market in the UK has performed in accordance with all expectations of the year that has just finished.

An end of year report from the organisation states that the level of 2018 growth came in at the lower end of the forecast for 0% to 3% growth for the year. For 2019, the predicted level of growth stands at between 2% and 4%.

Of course, many people have concerns as to what will happen in the property market when Brexit occurs and the Halifax have cited this as a factor which may negatively impact on predictions for the 2019 property market.

More homes need to be supplied to the market for change to occur

One of the most consistent factors in the movement of the property market in recent years has been the lack of supply of houses. A combination of not enough houses being built and a shortage of vendors has created the situation where demand outstrips supply, leading to high prices. There is nothing to suggest that this will change in 2019, so all other things being equal, property prices are likely to remain high.

The Managing Director of the Halifax, Russell Galley, released a statement, saying; “The housing market in 2018 followed a similar trend to recent years. In line with our expectations, house price growth slowed whilst building activity, completed sales and mortgage approvals all remained relatively flat. This was driven by a combination of continued uncertainty regarding the future growth prospects of the UK economy, and the ongoing challenge faced by prospective buyers in building up the necessary deposits.”

Interest rate changes could impact on the market

Galley also highlighted the impact that a change to mortgage payment affordability could have on the market. With further increases in interest rates expected, many homeowners should prepare themselves for larger monthly payments when it comes to their mortgage. While it is hoped that average pay will increase in 2019, it is expected that mortgage payments will increase more, and this could lead to some homeowners experiencing problems.

Of course, Brexit is likely to impact on any proposed interest rate changes in store for this year, so that is another issue to consider when planning your property moves in 2019.

No matter what move you are keen to make in the 2019 property market, you will find that Jezzards is on hand to help. We are pleased to say we have helped many people make a move to the local area, and if you need guidance or assistance, please get in touch by clicking here or calling our team on 03330 433 633.

Even with Brexit looming over the country, people are buying homes and vendors are selling. We are here to assist you if you are determined to follow through with your plans.


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