David Westgate responds to November property data

Halifax's House Price Index for November has shown that annual house price growth has risen to 2.1% and the average property price is now £234,635.

Following the release of this data David Westgate said:

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“The two key reasons for the resurgence in the market are more affordable prices and mortgages that are so cheap people are finding it hard to resist buying a home. In recent months there has also been a renewed sense of urgency as people seek to get into a new home, and locked into a low mortgage rate, before Brexit. First time buyers are also proving active as they, more than anyone, are aware that prices could move against them should Boris Johnson get a majority and the country finally start to move ahead."

“Increasingly, it feels like the market is starting to find a bit of a rhythm, and a strong majority for the Conservatives could add even more momentum. A decisive win for Boris Johnson could see the market rebound with price growth of 30% in the next cycle, or roughly 4% each year in the medium to long term. The feeling on the ground is that we are currently at the bottom of a market curve that may not peak until 2027 or beyond."

“This time next week we will have a far better idea of whether we will be looking at a bear or a bull market within UK bricks and mortar If we end up with more political deadlock, the market could continue to idle along for another year.”

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