The Property Market Post Brexit
Has Brexit affected the UK property market? The simple answer is yes but not in the way predicted by the experts....
In spite of rumours prior to the Brexit vote, house prices appear to be holding firm and should do for the remainder of this year, according to analysts. There may still be some change however it won’t be as drastic as initially predicted in the run up to the referendum with some experts forecasting up to a 25% fall should the country vote to leave.
The situation is helped by bank financing, the continued cash flow and falling mortgage rates have kept the market moving. In the south east we have only experienced a slight down turn, less than 1% whereas other areas of the country have not fared quite so well and a drop in consumer confidence has been noted, perhaps because of uncertainty about the economic outlook and very likely due to the negative publicity regarding a leave vote before the referendum.
In reality though very little has changed, conditions remain much the same and the demand supply imbalance still exists... Meaning people still need somewhere to live and will continue to do so. Existing residences will be more popular than ever due to a potential slow down in new builds which should ensure prices aren’t detrimentally affected. The best thing to do is to carry on as normal and remain confident, houses are selling and all the while the market continues to work we won’t see a negative effect from Brexit.
We at HartColeman are on hand 24/7 to answer any questions you may have and to assist in the selling of your property, we offer very attractive selling packages making your decision to sell easier and as stress free and secure as possible, feel free to get in touch. Call us on 01323 845213 or pop in and see us at 50 High Street, Hailsham.