UK housing market is currently seeing a great amount of uncertainty in the midst of Brexit, and newly released figures are hard evidence. House price growth in particular is of great concern considering how strong it has been over the past decade. According to the latest figures from the Office of National Statistics, house price growth was quite slow in the month of December. During the last month of last year, house price growth hit a five year low.

House price growth in the month of December increased just 2.5% year on year marking a slow month of growth compared with other recent years.

Housing experts are making comment regarding house price growth and many are pointing to the uncertainty surrounding Brexit. House price growth overall for the year 2018 was slow in comparison to years in recent past.

The market is undergoing a transition of house price growth strength and the uncertainty caused by what could happen at the end of March could be to blame. Currently, confidence in the future of the market is less than optimistic. Those who are sitting on the fence of selling or holding their property have remained in that position. It has been forecasted that the market could explode immediately after the last of March or it could begin to spiral.

Howard Archer of the EY Item Club commented on the latest figures from the housing market, saying: “If the UK leaves the EU at the end of March without an approved Brexit deal, house prices could well fall by up to five per cent in 2019 amid heightened uncertainty and weakened economic activity.”