Depending on where you live, our national pastime to discuss property prices at dinner parties may be a bit more bullish based on the June 2017 report from Nationwide Building Society. However, whilst prices are still increasing in many areas of the country albeit at a slower pace than a year ago, London appears to be suffering a fairly sharp slowdown. Some would argue a correction in the Capital is long overdue.
So where does that leave us? Is now a good time to buy or indeed sell? This could be a major conundrum over the next couple of years for buyers and sellers as Brexit negotiations play out and the Government implement their manifesto.
Having been a Mortgage Broker for nearly two decades I can recall back in 2006/7 saying to colleagues my gut feel was that annual property price increases circa 10% were unsustainable in the medium to long term. And along came the 2008/09 credit crunch.
If we are now experiencing a market change, it feels different this time around. Hopefully more a period of sensible price fluctuations rather than another crash. After all, we are an island with limited space and dwellings. With our population levels, the law of supply and demand will always play it's part. Now where's the cheese board?
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In June alone, UK house prices rose for the first time in four months, with the average price of a UK home up 1.1% at £211,301, following a drop in prices in the previous three months. It pushed the annual rate of growth to 3.1%, from 2.1% in May.