House prices to dip in Q1 2020

House prices are set to drop by 1.7% over the course of the first quarter of 2020, reallymoving, a provider of quotes for home moving services, has predicted.

However annual growth is expected to reach 3.7% in February 2020.

Rob Houghton, chief executive of reallymoving, said: “A forecast of continued positive annual growth confirms that the market is performing consistently more strongly than twelve months ago and consumer confidence in the housing sector is growing.

“But despite the UK’s imminent departure from the EU later this month there are still many questions about our future relationship which will deter buyers who don’t need to move urgently, curbing the potential for strong price growth during 2020.

“Those who are hoping for a ‘Boris bounce’ in house prices in March as a result of sales agreed straight after the Conservatives’ decisive election victory in December will have to wait a little longer.

“It’s likely that Christmas put a dampener on any immediate post-election flurry of activity from buyers, but we may see the delayed impact of this activity in January reflected in house price growth later in the spring.”