Rightmove: house prices set for zero growth in 2019
Asking values will be flat in 2019, as political and economic uncertainty constrains growth, Rightmove is forecasting.
On the positive side, the property website believes that underlying fundamentals of the market will prevent an overall fall in prices.
However, in the South asking prices are expected to dip, with values in London-commuter regions tumbling by around 2%.
This will be offset by buoyant markets in the North, which are predicted to rise by up to 4%.
Miles Shipside, Rightmove director and housing market analyst, said: “Since the property market’s recovery from the 2008 financial crisis, many parts of the northern-half of the UK have seen marginal or relatively modest price increases.
“We predict that these areas will continue to see price rises, though tempered by affordability constraints.”
Rightmove is forecasting that regions in and around London, which saw prices go up in a five-year period by an average of around 40%, will experience “modest downward price re-adjustments in 2019”.
“Agents in some locations are reporting that home movers are being negatively influenced by the ongoing political uncertainty, and a more certain outlook would obviously assist market sentiment.”