Jason Tebb, Group Chief Operating Officer of Go Develop comments on the Rightmove House Price Index:
“Whilst Brexit is of course a factor in the decision making process for some purchasers, the fact that this morning’s data indicates that asking prices are rising year on year in some parts of the country highlights that buyer confidence remains robust in many towns and cities across the UK. With ultra-low, long-term fix products available as lenders battle for new business, concerns around the potential for rates to rise this year can be mitigated for many buyers, particularly those taking their first steps on the ladder who would prefer the certainty of owning their own home rather than being tenants in the current environment, particularly as average rents would appear to be on the rise in a growing number of conurbations.
For those who would prefer to ‘wait and see’ what March 29th brings, the increasing level of pent-up demand – particularly in the South East and South West – means that once greater clarity is available, we are likely to see the lack of available properties for sale becoming more prevalent. That’s why we’re confident enough to commit to making and additional £100m of funds available for our joint venture partners up and down the country; we want to enable SME and boutique developers to break ground in the coming months and build the homes that will be needed, whether we leave with or without a deal in a few weeks’ time.”