Housing market slows sharply ahead of General Election, with weakest growth since 2013
Commenting on the ONS house price figures out today, Richard Snook, senior economist, PwC, said:
“In the final set of numbers before the General Election, the official ONS and Land Registry house price data showed that average UK house price inflation fell to 4.1% in the year to March, down from 5.6% in February. This is the weakest growth rate since October 2013 and was driven by a slight monthly decline in the average sales price from £217,100 in February to £215,800 in March.
“In a reversal of the normal regional pattern, the South of England showed some of the softest growth with price inflation of 2.8% in the South West, 3.8% in the South East and just 1.5% in London. This is the weakest figure for London since March 2012.
“These figures are consistent with the Brexit related slowdown that we anticipated last year and our guidance of 2%-5% growth this year.”
PwC will publish updated property price projections in the UK Economic Outlook report in July.
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 157 countries with more than 223,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.
PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details. © 2017 PwC. All rights reserved