Jason Tebb, Chief Operating Officer of Go Develop comments on the HM Land Registry House Price Index (December 2018 data):
“The figures this morning from the Land Registry confirms what we’ve seen for the last year, which is that whilst regionalised performance has varied, an overall rise of 2.5% in the average UK property price is absolutely within market expectations and our own forecasts for 2018, and is therefore no great surprise. Given the ongoing uncertainty of Brexit, one would suggest that annual growth, whilst modest, confirms the ongoing confidence many consumers have in bricks and mortar, both in terms of their main residence but also as an investment class. The market performance in regions such as Wales, the West Midlands and Yorkshire and the Humber supports what we’ve been seeing ‘on the ground’ for some time, which is that many homebuyers are transacting regardless of the current political limbo, as it’s the right time for them to move due to their individual circumstances.
Going forwards, we would anticipate that those buyers who are, understandably ‘waiting to see’ and holding off on their purchase until such times as the current political situation is clarified, are likely to create significant pent-up demand in many parts of England and Wales over the course of 2019. As such, we are continuing to research and identify new opportunities and JV partnerships for this year and look forward to successful exits on our current schemes in the months to come.”