October 2019 local market snapshots

We look at our local markets closely and often, well daily, but here's a national perspective first.

Scroll down to find your local Bristol area market snapshot.

Base rates were held at 0.75% in November although two members of the committee voted for a decrease which is the first split vote since June 2018. The latest report has raised the possibility that rates could be cut in coming months if Brexit uncertainty persists.
Wage growth continues, average wages rising by 3.6% in the three months to September, twice the rate of current inflation. Wage growth is anticipated to remain just above 3.5% during the final quarter of 2019.

At £234,370 property prices across the UK in September are just £3,000 (1.3%) higher than a year ago. Month on month, property prices remained static or fell marginally in all regions except the South East.

The HMRC report sales levels in October were 4.3% higher than a year ago, and at their highest monthly level since March 2017. However, in recent months sales volumes have been revised downwards in subsequent data revisions. Sales in September are now reported to be lower than a year ago.
TwentyCi report 966,464 homes exchanged in the 12 months to the end of September, up 2.2% year on year, lower price brackets and younger buyers fuelling the market. Across the market new instructions were 1.7% lower.

Following the uptick in September, as expected mortgage approvals fell back in October, down 3.3% year-on-year to their lowest level in six months. At £21.8 billion was 4% lower year-on-year. Housing market activity often falls back in the run up to an election.
An impending general election and ongoing Brexit uncertainty have led to a 15% fall in new sellers in October according to Rightmove. This represents the largest year-on-year slump since August 2009.
Current conditions remain downbeat although sales levels are anticipated to remain stable until the end of 2019 according to the latest RICS Residential Market Survey report.

October local area market snapshots -

If your BS post code area is not listed below get in touch, we will produce a report for you! email customercare@oceanhome.co.uk

Tue 03 Dec 2019