June 2019 showed a 0.7% increase in house prices all across the UK in comparison to the month before, research from the Office for National Statistics shows.
In June, the average property price in the UK came to a total of £230,292, supporting the 0.9% annual growth that has been recorded this year.
In Wales, house prices saw the strongest growth, as prices rose by 4.4% in comparison to the same time period of the previous year. Meanwhile, London watched the house prices see the lowest year-on-year growth of all with prices dropping by 2.7%.
Co-founder of Unmortgage, Josef Wasinski, stated that the figures would not be much help for the current renters who are demanding for a more achievable and realistic route for getting a foot on the property ladder.
Mr Wasinski said: “The sad reality is that the stability of home ownership is a distant dream for millions of hardworking, ‘credit worthy’ people. When Brexit-related uncertainties are added to the mix, the future looks bleak for would-be homeowners without hundreds of thousands of pounds in savings.”
Mr Wasinski continued, “Without real and meaningful change to the UK’s housing market, too many would-be homeowners will remain locked out, effectively blocked from ever owning their own home.”
The director at MT Finance, Tomer Aboody, said: “Would-be buyers and sellers are still waiting for Brexit to be resolved. Whether it is hard, soft or no Brexit, the important thing is that a decision is made so people can get on with things.”
“If we have a hard Brexit and the pound is badly affected, foreign buyers will come back into the market as they will be buying 20 or 30% off market value with a much stronger euro, dollar or yen against the pound. This is likely to push volumes and values up,” said Josef Wasinski
Mark Harris, chief executive at SPF Private Clients, stated: “It is ‘steady as she goes’ for the housing market, which is no mean feat given that it is the summer months when things traditionally get quieter and the backdrop of Brexit uncertainty. London is still creating a drag on average house price growth, with prices falling 2.7% over the year to June.”
Mr Harris added: “Lenders remain keen to lend with a number of them cutting rates or easing criteria in order to encourage business. Remortgaging is likely to be particularly busy this autumn with many borrowers coming to the end of deals and lenders ready to pick up that business with long-term fixes in particular.”
Potential buyers are holding off due to political uncertainty and further increases in house prices. This debate shows the speculation as people question the reliability of the housing market at this point in time, as we edge closer to the Brexit vote.