House prices in England and Wales are on track to end the year 4.1% higher than at the end of 2018, the reallymoving House Price Forecast for November has revealed.
Average prices in England and Wales are set to dip by 0.3% in November and 1.1% in December, with 0% growth forecast in January 2020.
Rob Houghton, chief executive of reallymoving, said: “Most regions of the UK are set to see prices dip over the final quarter of the year which is partly down to seasonality as the market follows its usual pattern of peaking in the late summer and early autumn and then tailing off steadily towards the end of the year.
“It’s fair to say 2019 was never going to be a stellar year for the housing market but despite consumer confidence taking a battering, house prices in England and Wales are on course to end the year 4% higher than at the end of 2018, which supports our belief that the underlying value of property remains fundamentally stable.
“The political situation now is as uncertain as ever with a General Election just a few weeks away, but the figures indicate that the market will continue bumping along in much the same manner as we head into the new decade.”
Despite a continued lack of clarity over Brexit buyers and sellers have pressed ahead to agree deals, with values peaking later than usual in October and tailing off towards the end of the year.
The latest data from HMRC shows an uptick in transaction levels in September, rising 5% from August and 2.3% from September 2018.
Annually house prices have performed better than expected throughout 2019 with 4.8% annual growth in October and November, the highest level seen since March 2016.
Average house prices will end the year at £299,705 in December, compared with £287,901 in 2018.