Property owners will be pleased to hear their asset might gain more value this year, after housing market experts have predicted that price growth will be at a higher rate in 2019 than it was this year.
Halifax has released its UK Housing Market Outlook for 2019, stating that annual house price growth is likely to be between two and four per cent, compared with the zero to three per cent rate the industry has experienced over the last 12 months.
Managing director of Halifax Russell Galley was quoted by the Mortgage Finance Gazette: “This is slightly stronger than 2018, but still fairly subdued by modern comparison.”
However, he noted this is because of the political instability surrounding Britain’s exit from the European Union (EU), adding: “The uncertainty around how Brexit plays out means there are risks to both sides of our forecast.”
There is a shortage of homes for sales and few newbuild properties coming on to the market over the next year, which will push house prices up due to a lack of supply. However, the challenge of saving for a deposit, as well as political and economic ambiguity for all Britons will offset a higher rate of growth in house prices.
Mr Galley stated this is “the biggest issue for the housing market in 2019”, but added that the difficulty in being able to afford properties will continue to be the long-term challenge for the industry.
Homeowners looking to boost the value of their property even more could consider DIY projects, such as bathroom repairs, to make their home more saleable to prospective buyers.