THE BREXIT AFFECT ON THE UK PROPERTY MARKET
It’s been a while now since the ‘Brexit’ refurendum vote and its resulting fallout and financial panics. Having said this customer confidence remains high, but what have the effects been on house prices, construction and mortgages?

Housebuyers Confidence
Potential buyers waited to see what effect the Brexit vote would have on house prices and the economy, which kept house purchases low before and after the vote. Prices were also lowered by sellers to secure a sale due to worries about a lack of interest created by the uncertainties surrounding the vote.
All in all things are looking good for buyers for the first time in a while and it looks like this will be the case for a while to come.

Mortgage Lending
The decision by the Bank of England in August to reduce the base rate to 0.25% has mortgage rates the lowest they have been for a number of years – making this a great time to remortgage.
The amount of 95% mortgaged has fallen which is having an effect on first-time buyers, even though this also took effect a couple of months before the Brexit vote.

House Building
The demand for housing across the UK has remained unaffected and some of the biggest house builders have said it’s business as usual.
There has been an ongoing under-supply of long-term housing in the UK and the Brexit vote has been treated as a minor bump in the road – the demand for housing has remained unaffected.

House Prices
The price of houses on the market have remained similar to what they were before the referendum even though the number of actual sales is in decline – probably due to the confidence factor. This is expected to change and begin to rise in the coming months because of the current under-supply.

So after the Brexit fall-out things seem to have changed little within the housing market – what the future holds is more difficult to predict. Until Brexit has run its course and the Trump effect is fully understood the markets remain a little nervy.
At the moment the market looks slightly better for buyers than sellers but all in all the Brexit effect has had minimal effect.
Posted: 14/11/2016
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