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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
02380 726293
07990 004932
kathleen.gallagher@quilter.com

Alex Berry
02380 726260
07741 151931
alex.berry@quilter.com

Notes to Editors:

About Quilter plc:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £95.3 billion in customer investments (as at 31 March 2020).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions; and discretionary fund management.

The business is comprised of two segments: Advice and Wealth Management and Wealth Platforms.

Advice and Wealth Management encompasses the financial advice business, Quilter Financial Planning; the discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

Wealth Platforms includes Old Mutual Wealth UK platform and Quilter International, including AAM Advisory in Singapore.

The Old Mutual Wealth Heritage life assurance business was acquired by ReAssure Group Plc on 2 January 2020.

Since its IPO in June 2018, Quilter plc’s businesses have progressively rebranded to Quilter, as follows: 

  • Quilter Financial Planning (previously Intrinsic)
  • Quilter Private Client Advisers (previously Old Mutual Wealth Private Client Advisers)
  • Quilter Financial Advisers (previously Charles Derby Group)
  • Quilter Financial Adviser School
  • Quilter Cheviot
  • Quilter Investors
  • Old Mutual Wealth (becoming Quilter Investment Platform in 2020)
  • Quilter International (previously Old Mutual International)

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270.  Registered in England.