Jason Tebb, Group Chief Operating Officer of Go Develop comments on the Nationwide House Price Index:
“Even though this morning’s data from the Nationwide suggests a slight softening at topline level in terms of house price growth, the headline figures suggests that prices have still crept upwards on an annual basis. However, this doesn’t convey the ‘two tier’ market that’s still prevalent, with the Midlands, North and Wales all seeing solid growth and healthy transaction levels, whilst London and the South East continues to see a more difficult climate.
The good news is, home ownership numbers continue to climb in the UK, supporting by rising employment levels and low lending rates. Although the political climate has acted as a brake on the market in some areas since the Referendum, we are confident that once clarity around our EU departure is achieved one way or the other, the market will step up several gears due to the pent up demand that’s been building for such a long time. With the Spring Statement due the same week as the next round of meaningful votes on Brexit, it remains to be seen if the Chancellor will give the property market a boost by introducing the long-called for changes to Stamp Duty or indeed, if he’s got any further surprises for investors and developers up his sleeve. However, regardless of what’s going on at Westminster, with continued and significant levels of demand in evidence for new build properties across the UK, we’re well-placed to support more SME developers get their projects off the ground in 2019 and indeed, are actively investing as we speak to support Britain’s housebuilders.”