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Property market snapshot – what does 2019 hold in store?
The UK property market has made a slow but steady start to 2019, with prices continuing to rise, albeit at a rather stately pace. According to the latest Nationwide data, prices rose by 0.5% during 2018, with a 1.0% increase in rents, based on Office for National Statistics figures. However, 2019 is off to a rather more exciting start in certain regional areas, where price rises are outstripping the national average.
“As expected, we’re seeing a fairly solid start to 2019, so far as the UK property market is concerned. Underlying market conditions mean that many large urban areas face an extensive housing shortage, so demand is strong, particularly for apartments that offer something special in a central location.”
Dynamic Property Market Success
Of course, no musing on 2019’s property market would be complete without a mention of the B word. There are plenty of reasons why price growth is slowing as we ease into the year, but key among them is the pre-Brexit caution that many people are feeling as 29 March approaches. However, the long-term outlook remains strong, with Knight Frank forecasting a cumulative rise in property prices of 10.3% by 2023, according to their latest market intelligence.
“With caution in the air at the start of 2019, what we’re seeing is demand for high quality developments. Investors are looking for apartments that offer something unique – that stand out from the crowd. These well-located, luxurious homes continue to sell well, providing the market with a good sense of stability as 2019 gets underway.”
In terms of a projection for the year, it’s all about the regions. Cities such as Birmingham, Manchester, Liverpool and Newcastle are looking forward to being strong performers in 2019, so far as property is concerned. That’s not to say that London is out of the running. Indeed, pockets of the capital are well placed to command healthy yields this year, particularly when it comes to the commuter belt that surrounds the vast, sprawling city. Areas such as Gerrards Cross and Reading certainly have something about them that is making property investment companies sit up and pay attention right now.
Ultimately, 2019 is going to be an interesting year. Prices may waiver as the year progresses, but demand remains strong, particularly for rental homes, as the UK population’s growth continues to outpace that of its housing stock.
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