House prices in Wales, Scotland and Northern Ireland are expected to continue their upward trajectory, reallymoving has predicted.
Values have been forecasted to rise by 8.7% in Wales, 3.8% in Scotland and 1.9% in Northern Ireland over the next three months.
Rob Houghton, chief executive of reallymoving, said: “Considering the current political situation, the UK housing market continues to show remarkable resilience.”
Average house prices in England and Wales are set to see an average 0.9% monthly drop over the next three months.
London is set to see a moderate increase of 1.5% overall in the three-month period from September to November.
Year-on-year, house prices are on course to remain in positive territory throughout the Autumn.
A 3% annual increase forecast for September will be the highest rate of annual house price growth for almost a year, followed by 2.7% in October and 2.1% in November 2019.
However, average house prices in England and Wales are set to see an average 0.9% monthly drop over the next three months.
Houghton added: “House prices are on course for minor monthly falls in September, October and November, but while the temptation is to attribute this to Brexit, in fact it is largely down to seasonality with the market following its usual pattern of peaking in August then tailing off steadily through Autumn.
“The London market has proved to be most vulnerable to the political situation and the data suggests buyers were more cautious in August when No Deal Brexit rhetoric peaked, prompting a 2.3% monthly fall in prices agreed which will translate to completions in November.
“Nationally, annual growth is set to remain in positive territory throughout the Autumn, indicating that people are continuing to press ahead with home moves and the underlying value of the housing market remains stable.”
By Michael Lloyd
Source: Mortgage Introducer