House price growth has slowed to a near standstill, while mortgage approvals are falling. Much of that reflects the high level of house prices, although Brexit uncertainty is increasingly taking its toll on sentiment. Looking ahead, that trend looks set to continue in the near-term. And even if a Brexit deal is done, we think the subsequent rise in interest rates will keep demand subdued. Our forecast is for house price growth to bump along at 1% y/y in 2019, while mortgage approvals and transactions see a small fall.
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