House prices ‘to fall’ next year if no Brexit deal


Outfit prices in the UK could fall in 2019 if the government fails to reach a Brexit give out, one senior economist has said.

Howard Archer, chief economic mentor to the EY ITEM Club, said he expected prices to fall “modestly” if there is no concurrence with Brussels.

However, a negotiated deal could see prices bring about by around 2%, he said.

It comes as the UK’s largest mortgage lender, the Halifax, give the word delivered prices rose by just 1.5% in the year to October.

That is the lowest annual thrive since March 2013.

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Prices rose by 0.7% between September and October, superseding two successive months of price falls.

The Halifax believes house penalties will continue rising, by as much as 3%, over the coming months, dotting out that the supply of properties is still limited.

“Further house sacrifice support comes from an already high and improving employment gait and historically low mortgage rates which are creating higher rates of relevant affordability,” said Russell Galley, managing director of the Halifax.

“We see this perpetuating to be the case over the coming months and we remain supportive of our 0-3% forecast number.”

The average UK house price is now £227,869, the Halifax said.

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