Brexit and the Impact on UK Property
Following on from the Brexit vote last year, there hasn’t really been that much of a noticeable impact on UK property prices. Last year, George Osborne had warned the British Public that Brexit would push the economy into recession and house prices would plummet, however as yet, this has not happened.
Incidentally, there have been further recent talks of there being a decline in property prices following Brexit and even that of negative equity. However, whilst the outlook appears to be depressed, there still remains some uncertainty in the market as to what will actually happen following Britain’s exit from the EU.
What is clear though, is that house prices are still up from this time last year. This is a good sign, but we do need to be aware that mortgage approvals and commercial lending are down month on month and consumer credit is higher than its ever been with personal debt growing year on year.
Based on a historical perspective, no one can really predict what house prices will do next month, let alone next year. Furthermore, there are always regional variations in the market that you should be aware of. Prices in Birmingham could be on the up with London prices in decline and vice versa.
In the UK, there is still a housing shortage and as demand outstrips supply, long term property will always go up in value. Britain’s divorce from the EU will not have a difference here, as it is expected that the housing shortage will continue in the months and years to come.
As an Estate Agent, we are still taking on instructions and registering new buyers every day and aren’t seeing much of an impact from the Brexit decision. If you are currently looking to sell or buy your next property, our advice would be its ‘business as usual’. Don’t shelve your plans to purchase or sell your property. Go ahead, and don’t let Brexit stop you!
We offer free no obligation valuations to all our customers so please do book your valuation today.