The UK property market was on a right ol' rollercoaster ride in late 2018 as Brexit drama reached fever pitch. But the plucky market kept battening down the hatches despite the uncertainty.
National house price growth slowed to just 2.8% annually by December 2018, the Land Registry reported. London prices dropped 1.7% but the South East kept calm with 1.8% gains.
In Essex, average prices rose 2.4% in 2018, but growth braked towards year-end. Commuter hotspots like Chelmsford and Brentwood still saw decent demand from Londoners moving out. But Brexit uncertainty knocked sales of posh mansions. Rental demand stayed strong for cheaper properties, though landlord instructions dried up. Overall Essex sales dropped 13% versus 2017, with Brexit blamed for the slump in late 2018. New home building also slowed across the county.
The market sawsaw on Brexit deal news:
- November: Prices fell as Theresa May's draft deal caused mayhem. The future looked well murky.
- December: The market rebounded on her surviving a leadership challenge. Confidence returned briefly.
Two ongoing factors also whacked prices:
- Brexit Uncertainty: The endless confusion kept buyers cautious about splashing their cash. Trust me, it was a right rollercoaster for confidence!
- Mortgage Rate Rises: Average 2-year fixed mortgage deals hit 2.57% by December. Pricier deals made buying less affordable.
By year-end, major tenant fee ban changes were still going through parliament. This promised future savings for renters.
Despite the challenges, the property market showed its mettle in late 2018. But as 2019 loomed, everything hung on whether a Brexit deal could be hammered out. Buckle up for more thrills and spills!
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