THE PROPERTY market is resilient according to a Wokingham-based estate agency – despite transactions seeing a drop.
The recent Halifax House Price Index showed an average fall in prices by 0.3%, taking the UK average to £286,896 – £7,000 lower than last summer’s peak, and £28,000 higher than two years ago.
And in the south east, there was a -0.6% dip, taking the average house price to £387,469. This was the largest across the country, while West Midlands saw prices rise by 3.1%, taking the average price to £249,554.
Kim Kinnaird, director of Halifax Mortgages, said the figures came after three consecutive months of growth.
“House price movements over recent months have largely mirrored the short-term volatility seen in borrowing costs,” she added. “The sharp fall in prices we saw at the end of last year after September’s ‘mini-budget’ preceded something of a rebound in the first quarter of this year as economic conditions improved.
“The economy has proven to be resilient, with a robust labour market and consumer price inflation predicted to decelerate sharply in the coming months.
“Mortgage rates are now stabilising and, though they remain well above the average of recent years, this gives important certainty to would-be buyers.
“While the housing market as a whole remains subdued, the number of properties for sale is also slowly increasing, as sellers adapt to market conditions.”
This view was echoed by Nick Harris, co-founder at Wokingham-based Quarters Residential Estate Agents.
“Prices may have nudged down in April, according to the Halifax, but there’s more life in the property market than many think,” he said.
“While some discretionary buyers continue to sit tight, serious buyers remain very active.
“Sellers are being much more realistic on price, and are typically also buyers so they appreciate a more balanced property market.
“The property market armageddon some predicted is simply unlikely to materialise.”
