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If you are covering the UK House Price Index for September released today, please see the following comment from Gemma Harle, managing director of Quilter Financial Planning’s mortgage network, part of Quilter:
"The UK’s House Price index for September released today is starting to tell a worrying story as on average, house prices have fallen by 0.2% since August 2019. It is no surprise that both house buyers and sellers are choosing to wait to survey the landscape post-Brexit rather than take a gamble in the current uncertain climate.
"However, what’s particularly concerning is that you typically would see an uptick in prices at the end of summer thanks to lots of people choosing to move before the schools go back and the dark nights draw in, but this year the rebound seems to be somewhat muted.
"Similarly, while the annual price increase across the UK stands at around 1.3% this is below the current rate of inflation meaning in real terms house prices have dropped. Regardless of political stance, it is hard to not take notice of the changes in the market due to the political turmoil currently gripping the nation. House prices rise and fall in cyclical fashion and we are due a correction from a historical standpoint. It may be that Brexit is the trigger that sees house prices drop and enter into a downturn. Whether this downturn materialises is something we will likely have a clearer view on in in the next few months.
"However, getting on and off on the housing ladder is not all about house prices. It can be about the security of owning your home or the need to downsize. For buyers and sellers, financial advice is key in this environment. While markets remain uncertain and changeable the basics of financial planning do not and adviser can help you determine the best course, taking into account the totality of your financial assets, your needs and future plans."
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:
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.