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Press comment: January house price data shows slight drop but worse is to come

25 March 2020

If you are covering the UK House Price Data for January, please see the following comment from Karen Noye, mortgage expert at Quilter:

"The UK house price data for January, released this morning, shows that prior to the virus changing our everyday lives there was a modest increase in house prices, which were up 1.3% over the year. This is positive considering the uncertainty of Brexit, which had already caused the economy to slow, but it is telling that the monthly price change for a property in the UK in January was -1.1% compared to just -0.6% a year earlier

"The data for February will likely show another year-on-year decline and it could be even worse for March and beyond after worries about the coronavirus really started to impact decision making.

"This is a difficult-to-predict time but while house prices were cooling off prior to the virus they were not suffering a steep decline, showing the resilience of the British housing market. There is a case for optimism that once this crisis is finished we will be back to enjoying a strong housing market and perhaps even a rebound as those contained to their houses for so long start to think about fresh accommodation, however a lot will depend on the length of the crisis and the depth of any subsequent recession."

For more information contact

Kathleen Gallagher

External Communications Manager
Alex Berry

Alex Berry

External Communications Executive

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