This is the first time in over three years that such consistent growth has been recorded across the entire country, indicating that property is experiencing something of a resurgence.
With the average house price now coming in at £253,800, and with this figure having continuously risen since November 2018, market conditions are proving to be extremely positive in 2019. Growth in some cities, such as Leicester at 6.8%, is exceptionally strong and the capital city has also seen positive growth at 0.4%.
The chief executive officer of Yomdel, Andy Soloman, believes that a shift in mentality has been prevalent amongst both buyers and sellers who have concluded that there is no point in waiting for Brexit to conclude before they progress with their properties.
“As a result and much like Brexit, people just want to get on with it now and sellers are adjusting their price expectations in line with the current market climate, while buyers are taking the plunge and proceeding with a purchase,” said Soloman. “This uplift in demand and market activity has stimulated the market.”
This solvency in the property market is echoed amongst investors, with investment in UK property still extremely strong from both national and international investors. Alongside strong investment in property, first-time buyers are now a true driving force in the property market thanks to the ease of access to mortgages and lower deposit values.
The report itself surmised that "what this tells us is that buyers and sellers remain active in the market even if some areas are less active than others… With unemployment at a record low and mortgage rates still averaging 2%, buyers appear to be largely shrugging off Brexit uncertainty until there is a material change in the overall outlook."
