Annual house prices drop in March as Brexit uncertainty weighs - Rightmove
By Michele Maatouk
Date: Monday 18 Mar 2019
(Sharecast News) - Annual house prices in the UK fell in March as the usual spring boost was overshadowed by Brexit uncertainty, according to figures released by Rightmove.
House prices fell 0.8% on the year in March compared to a 0.2% increase in February.
On the month, growth slowed to 0.4% in March from 0.7% the month before. This marks the lowest average monthly rise at this time of year since 2011 and is considerably lower than the 0.9% average over the last seven years.
The survey found that London continued to be the main drag, with prices in the capital down 1.1% on the previous month. Outside London, prices remained more buoyant, with nine out of 11 regions seeing new-to-the-market sellers pricing higher.
Rightmove director and housing market analyst Mile Shipside said: "Buying activity remains cooler than usual, with hesitation as some buyers await a more settled political climate. There's greater resilience the further away you get from the London market, and there's a sound bedrock of demand for the right property at the right price, reinforced by ongoing housing needs combined with cheap mortgage borrowing.
"London and some of its commuter belt are suffering from a post - boom hangover, with prices now having to be far more sober to attract buyer interest. In contrast, North East prices never had the opportunity to become intoxicated by the capital city's heady mix of high demand, low interest rates and higher salaries."
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