UK house prices make weakest start to year since 2012

Wednesday, 23 January 2019 00:00 - - {{hitsCtrl.values.hits}}

London, REUTERS: Asking prices for British property are rising at the slowest pace since 2012 amid ongoing Brexit worries, property website Rightmove said on Monday.

Rightmove’s data suggested a continuation of the weakness in British house prices that intensified in 2018, especially in and around London where fears of economic damage from Brexit made buyers loath to pay more for already-expensive homes.

“Given the current market backdrop and ongoing political turmoil, it’s not surprising that the more challenging conditions in London and nearby regions mean they have had a slower start to the year,” Rightmove director Miles Shipside said.

Last week the Royal Institution of Chartered Surveyors said its members had the most negative outlook for house sales over the coming three months since its records began in 1999.

Asking prices on Rightmove, which advertises property for 90% of British estate agents, were 0.4% higher in the first two weeks of January than a year earlier.

Prices were also 0.4% up on December levels, the weakest December to January increase since 2012.

Britain is due to leave the European Union on 29 March, but Prime Minister Theresa May’s record parliamentary defeat over her plans last week has thrown into doubt the terms, timing and even the certainty of Brexit.