Brexit and The Housing Market
If you’re not fed up of hearing about Brexit yet then you could be with predictions about the housing market should the UK leave without a deal.
Although there is much speculation about the impact of Brexit on the economy and housing market there have been predictions that when the UK finally leaves the European Union it will cause property jitters.
As of time of writing the current deadline for Brexit is the 31st October this year although there is talk that it may be pushed back further as it has been done prior to now.
So, what could Brexit mean for the UK Property Market? Nobody knows for certain the exact effects that Brexit may have however based on economists’, financial experts and business leaders’ findings, the Bank of England governor Mark Carney predicted that leaving the EU without a deal could result in the housing market seeing a reduction as high as a third on UK property prices.
Based on results since the Brexit Vote in 2016, house prices did stagnate for a short while especially seen during the summer of 2017 but this isn’t unusual as there is often growth in the spring and then throughout the summer prices do tend to become more steady.
Since the summer of 2018 there has been a larger than usual post-summer dip in house prices where the average house price dropped from £232,797 in the August last year to £230,630 in November. This has since reduced again and the average UK house price now stands at £226,234 which is at its lowest level since April 2018.
So, if you’re looking to buy your first home, move house or are looking at remortgaging why not get some advice from our experts to assist you with your choices and decision making. Give the team a call on 03333 44 85 11 or email email@example.com