Good news for people looking to sell their house and move overseas in 2019 as the UK housing market shows signs of improving once Brexit uncertainty ends
Ditching the UK’s grey skies for a sun-drenched destination far away may be in the pipeline for many people this year. However, the ambition to start a new life abroad can more often than not hinge on the sale of your UK property – and the timing of that sale.
Last year some of our international removal customers had a slightly harder time selling their home and getting the price they wanted due to a slow market.
Is it about to get better? Whilst the immediate outlook is not that good with so much uncertainty around Brexit, some experts are predicting a “Brexit bounce back” over the next 5 years once matters are settle. We will take a look at housing experts’ predictions for the housing market in 2019 for those needing to sell in order to move overseas this year.
What Happened To The Housing Market In 2018?
The housing market in 2018 didn’t experience any earthquakes or sudden movements. For the most part, the market was flat with some slight upward and downward trends here and there. In fact, UK house prices only grew by 1.3% over the 12-month period in 2018.
This figure isn’t even half the rate of price growth experienced in 2017 and is the weakest year of price growth since 2012. This flat market was due to less demand than expected, meaning it wasn’t the best of years for homeowners to pull down their curtains and pitch their sun loungers in warmer climates. Those who relocated in 2018 may have felt a little short-changed when selling their homes as part of their relocation process.
The reasons for poor house price growth during 2018 may be due to many reasons. Young new buyers are still struggling to come up with the funds for deposits and get on the property ladder. A more influential reason may be down to the uncertainty surrounding Brexit. Many UK residents are looking over to the games of chess being played in Brussels and in Parliament, awaiting clarity before investing in new property. Brexit is causing uncertainty and reluctance to invest in a lot of areas and it appears the housing market hasn’t escaped unscathed either.
The Most Recent Figures
Housing market experts use many methods to make forecasts for the upcoming periods. One way of helping to predict house prices is to look at the most recent performance. By looking at this data, it bodes well for people listing their property for sale in 2019 and making a switch abroad.
Halifax – one of the UK’s most active mortgage lenders – have pointed to figures in December which suggest a surge in price growth. Comparing December’s figures with the previous month, the average price of residential property increased by 2.2%. The reasons for this are the subject of ongoing debate between economists. Yet, while erring on the side of caution, it could be a positive indication of things to come…
The Outlook For 2019
Despite December’s positive figures, there are other factors to be considered when looking to the future housing market. Brexit still has a pivotal role in how the market will play out. As we move closer to the UK’s EU divorce date, the political landscape is likely to have a big say on property prices.
Anticipation for the Brexit deal, or no-deal, is making it difficult for experts to make more concrete predictions. However, there is some good news. Many specialists and leading economists are still forecasting a better year than last.
These positive noises are coming from different places, including Halifax’s managing director, Russell Galley. He is expecting a more stable year than we experienced in 2018 with price growth fluctuating between two and four percent. In layman’s terms, this would equate to average house prices rising between approximately £4,500 and £9,000. Meanwhile, chief economist at Nationwide, Robert Gardner, is also suggesting an improvement in home price sales in the year to come.
However, with the seller side of the market still being driven by death, divorce and debt with buyers being cautious, if the Brexit situation is not resolved or there are problems following a no deal, then the UK house market will likely be much more unstable. The latest report from the Royal Institution of Chartered Surveyors (Rics) echoes this being pessimistic for the next 3 months but more optimistic for the rest of 2019.
What Does This Mean For 2019’s Relocators?
If you’re a homeowner that missed the boat in 2018 but are still set on selling your home and relocating in 2019, then you may just get a better deal. Even though experts are eagerly waiting on the Brexit result and its implications on the housing market, price growth is expected to improve on last year’s significantly poor figures.
However, it does vary widely depending where you are in the country. For once Londoners are worse off with price falls after years of rapid growth whilst many regional areas are still experiencing price rises.
Such a volatile market should be anticipated with caution, but pending relocators may have another reason to smile on their upcoming departure. The extra money in a property sale can be a bonus and go towards other costs when moving internationally.
How you can win in an unpredictable market
So whilst be hopeful, 2019 is still set to be a challenging property market. However, you can still be a winner on a local level. It will be more important than ever before that you make sure your property is well presented and you do everything you can to maximise value.
Next week we’ll be publishing our guide to selling and getting the best value for your home if you’re moving overseas. So watch this space!
Need Help With Your Relocation?
If you’re one of the individuals or families that have decided to make the switch for crystal clear waters, golden beaches and more sunshine, we at PPS International Removals can help. Once you’ve gotten a better deal on your home in 2019, we can make sure you get a better deal on moving your possessions.
We can ensure your home contents and valuables reach your new homeland safely. We run a cost-effective and specialist service from the UK to an array of destinations. All items from small electricals to cars and furniture can be delivered securely by our professional team. We run different types of services to suit your relocation needs.
Forget the rest and contact us to take some of the stress and worry away from your family’s dream relocation.