HOUSE prices in the UK fell by 0.4 per cent this month; is now the time to invest in property in Britain?
The Nationwide House Price Index today revealed the stark truth about the state of the property market: it's in decline.
House prices across the UK fell by 0.4 per cent in April - challenging forecasts made expecting the return of growth. The price fell for the second consecutive month.
And the news doesn't stop there - the fall is the worst monthly decline since 2012 with the average price of a UK home falling to £207,699.
While it might read like doom and gloom for property owners it could be the ideal time for Brits looking to join the property ladder to invest in the market.
And it's worth noting that, while there was a fall of 0.4 per cent, the index was still sat at 2.6 per cent higher compared to the same month last year.
Jonathan Samuels, CEO of specialist property lender, Octane Capital, told Express.co.uk affordability issues and rising inflation were "almost certainly" factors in the current slowdown.
He said: "The shortage of properties for sale has almost certainly caused a lot of prospective buyers to lose interest.
"Search for homes to buy in many areas of the country and all you see is same old, same old.
"Even though people overall are confident in their jobs and can access extremely low mortgage rates, don't underestimate the impact of an absence of choice.
"The General Election has the potential to make the market even more lethargic in the next month or two but there's a chance of an uplift in transactions and interest, on behalf of buyers and sellers alike, once the result is in.
"Even then it's likely activity levels will remain conservative until there is greater clarity on the outcome of ongoing Brexit negotiations.
"The property market is by no means in crisis, but for it to start hitting its stride again there needs to be a material increase in supply, and choice."
But if the election delivers a clear result that puts Brexit firmly back on track, the property market could receive a huge boost, "freeing up more supply and spurring buyers into action".
The election is scheduled for June 8 2017, with the vote approved almost unanimously by MPs in the House of Commons.
This will mark the third year in a row the British public have been required to turn out to the polls, following the EU referendum last year and a General Election in May 2016.
Sarah Beeny explained her thoughts on how the election will affect the property market, as well as consulting other property commentators for their opinions.
Writing on her property website Tepilo, Sarah said: “The announcement about the General Election has come as an enormous surprise, so we may see some slight signs of uncertainty in the market between now and June 8.
“However, it means that whoever wins will start with a clean slate, which will be a good thing for the housing market.
“The UK needs a strong, united government to get us a good Brexit deal and help our financial and property markets flourish, and hopefully this election will put an end to the constant battles currently happening in Westminster, so whichever party is voted in can get on and do the job in hand.”
Source: The Express