House prices have risen by 2.3%, the slowest since April 2013. Usually around February there is a price spike of about 5%.
A report released by Rightmove says home prices are rising more slowly due to rising consumer inflation, Brexit and tighter lending rules.
Rightmoves director, Miles Shipside says: “Perhaps we’re approaching the territory where many buyers are unable or unwilling to pay what sellers are asking, given the negative combination of rises in the cost of living, tighter lending criteria, and a dose of Brexit uncertainty, so it’s not surprising that upwards price pressure is running on tired legs.”
A Reuter’s poll of economists pointed towards the country’s uncertainty caused by the decision to leave the European Union being the main concern in buyer’s doubts for investing in properties.
Miles Shipside warns vendors that putting your property for sale over 5% above market value would result in about 75% less interest and would be a risk.
However, the Rightmove report also said that there was still a strong interest among potential buyers with over 131 million visits to their site last month. Despite the slow growth, the number of properties agents are selling in holding up well.