With Brexit supposedly around the corner, the overall uncertainty of the market has taken its toll for the south, despite those in the East Midlands continuing to grow slowly.
Originating in London where house prices originally started to fall, it has now had a knock-on effect for homes in both the south-east and south-west of England. The last time house prices fell was during the recession in 2009, and now it would seem Brexit uncertainty is holding down the market once again.
Though house price growth has slowed since the conclusion of the Brexit referendum three years ago, the average house prices across the country rose by 0.9%, the weakest national growth since 2012. And whilst the property values of those in London & the south of England fell, there are still substantial rises in other areas such as the East Midlands, up 3.2%.
Alongside the Brexit uncertainty House Price affordability also continues to be a concern among the population. Halifax, the largest lender in the UK, has stated the average price of a home is 5.59 times the average earnings, well above the 4.29 previously recognised. House ownership rates are also falling, more so among the younger populations, meaning falling house prices may actually be of benefit to first-time buyers.
All in all, it would seem that due to the before stated, the uncertainty of the market due to the potential of a no-deal Brexit is continuing to cause hesitancy among some, but providing opportunity for others.