As December draws to a close, the UK housing sector remains stuck in neutral despite further modest price gains in the final months of 2019.
Nationally, house prices edged up 0.1% month-on-month in November. Forecasts suggest a similar slight rise for December once all the data is in. But market activity is yet to pick up momentum.
In London, prices fell another 1.2% in November as the turmoil at the top end continued. The North West remained the standout region, with values up 6.5% for the year.
Here in Essex, prices held flat in November but annual transactions remained around 8% below the norm. Political uncertainty and high prices for first time buyers dragged on demand.
With the election result bringing some clarity at last, there are hopes 2020 could see a property revival. But a reluctance to commit remains amid global growth concerns.
As we wrap up 2019, I'd like to wish all our readers a very Merry Christmas and happy holidays! Here's hoping the new year and new decade finally brings the market pick-up we've awaited. See you in 2020!
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