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House prices in 2019 forecast to remain steady – depending on Brexit

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House prices in 2019 are set to grow by between two and four per cent, Halifax has predicted.

However, the property market’s performance next year is largely dependent upon the outcome of Brexit, according to the lender.

And the uncertainty around the UK’s exit from the European Union means there are risks to both sides of the forecast, Halifax added.

A shortage of homes for sale and low levels of housebuilding are expected to generally support prices and keep values stable.

House price growth in 2018 came in at the lower end of Halifax’s forecast, rising by just 0.3%.

Russell Galley, managing director of the lender, said: “Looking ahead, aside from the obvious political and economic uncertainty, the biggest issue for the housing market in 2019 will be the degree to which mortgage payment affordability changes.

“Average pay growth is likely to gather pace but, with a further interest rate increase also predicted, house prices are unlikely to be pushed significantly in either direction.

“Longer term, the most important issue for the housing market remains addressing the affordability challenge for younger generations through more dynamic housebuilding.”

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