The UK housing market remains stable, according to global real estate services and investment management company Colliers International. This comes as a relief to the UK investors, who are worried about the implications of Brexit on the property market.
“The housing market is generally stable, but some regions are experiencing declines in house prices. Mortgage rates remain supportive,” Colliers said in its latest UK property snapshot, citing house price index from Halifax and Nationwide.
The Halifax measure showed house price growth slowing to 2.5 per cent year-on-year in September while Nationwide measure showed an annual increase of 2 per cent. Nationwide report highlighted three regions that saw declines in house price over the past 12 months.
However, house buying remained buoyant with mortgage approvals increasing during the period. The monthly mortgage approval numbers rose to 66,440 in August, reaching the second-highest figure in 2018.
The investor sentiment is also high in the UK commercial property. Transaction volumes broke through the £5bn mark for the second month running in September and, at £6.3bn, were 36 per cent higher than the monthly average this year so far. This brings the quarterly figure to £15.8bn, up from £14.6bn in April-June 2018. If the past two years are anything to go by, 2018 figures are expected to be in the £55bn - £60bn range.
COLLIERS VIEW: The housing market is generally stable