Brian Murphy, Head of Lending for Mortgage Advice Bureau comments:
“The report released by the Nationwide this morning suggests a subdued level of annual growth and a nudge into reverse gear on a monthly basis, although overall indicators would suggest stability. In other words, given the current Brexit headlines, today’s figures could be interpreted as ‘no news is good news’.
Clearly, there are buyers who are still transacting, and indeed many parts of the UK housing market remain resilient to the current political headwinds, so whilst we’ve not seen the usual spring upturn in transaction levels, things appear to be ticking over in an orderly fashion whilst the more cautious buyers await clarity around our EU departure before making their move. The good news is this calmer environment, together with lenders who are actively open for business and competing for new customers, is providing support for First Time Buyers to get on the ladder and the opportunity to trade up for homemovers. Looking forwards, with the Spring Statement in a couple of weeks’ time, it will be interesting to see what, if any, support for the housing market the Chancellor decides to incorporate into his fiscal update, or if he’ll keep his powder dry until November before introducing any new measures to further boost property ownership in the UK.”
To read the full Nationwide report, click here.
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