Gareth Lewis, commercial director of property lender MT Finance, says that house prices are likely to stay the same for a while.
‘With house prices bumping along at the same level for a while now, this is beginning to look like the new norm for the market. Gone are the spikes in pricing, the unpredictable boom and bust, replaced with a more positive, sustainable performance of 2 or 3 % growth in line with inflation,” he said.
He added that the market was concerned that continued Brexit uncertainty will mean there won’t be a “bounce” in demand in the autumn in 2019, but consumer confidence has proved to be “remarkably resilient”.
“Lenders are still chasing market share, which is being reflected in cheaper mortgage rates and high-street lenders looking at specialist lending to boost their margins,” he said.