The average home price in England is down in the first quarter of 2019 as compared to a year ago. This is the first year with an annual home price decrease since 2012. The home price fall was concentrated in London and in areas on the south east side of England. Areas in the rest of the United Kingdom still saw a rise in home values. The fall in home prices is partially due to the uncertainty in the political environment.
- Although there have been falling house prices in England in the first three months of the year, there were noticeable increases experienced in Northern Ireland, Scotland and Wales.
- The Nationwide’s chief economist, Robert Gardner, stated that what had remained stable over the period was the number of sales and of approved mortgages.
- Due to a lack of clarity with respect to Brexit and the uncertainties that trail it, a number of buyers and sellers are taking a cautious approach.
“House prices are lower in England compared with a year ago – the first annual fall in property values since 2012, according to the Nationwide.”
Read more: https://www.bbc.com/news/business-47736636