Nationwide House Price Index: Brexit not the only factor to blame

According to data from mortgage lender, Nationwide, British house prices picked up ever so slightly during a turbulent month in politics. Gary Barker, CEO of Reapit, said: “Postponing our departure from the EU may benefit Brexit negotiations, but ongoing uncertainty continues to affect market activity, with Nationwide’s HPI figures showing a mere 0.7% rise in UK house price growth, with London and the South East prices declining.

“However, politics isn’t the only factor: boosted rental prices suggest that the rental market is increasingly attracting young people drawn to flexible living and working. But for those still looking to buy, clarity from the government is necessary to restore consumer confidence and incentivise first-time buyers.

“There is a light at the end of the tunnel – once an outcome is certain and confidence is restored, we will see an upswing in activity from buyers and sellers. Regardless of the political situation, people need to move homes and agents need to be prepared when the floodgates open.”