Will Brexit cause a slump in house prices?
The Brexit saga in the UK has now dragged on for years – and while Boris Johnson’s stated deadline of 31 October is fast approaching, there is no guarantee that that date will mark the end of the matter. For those who own a property or who might be looking to sell one in the near future, this sort of question mark provides a real dash of uncertainty. What effect could Brexit have on the UK housing market and how might this affect you?
The truth is that nobody knows exactly what effect Brexit will have on house prices. If that was possible, nobody would need to speculate or take risks. However, what is clear is that there has been some stagnation, caused possibly by the uncertainty around what is happening. One study from Nationwide showed that house prices are rising by half a percentage point annually – which, while still positive, is a far cry from the big price leaps predicted in years gone by.
The uncertainty isn’t helped by the fact that there is no consensus among experts as to what will happen to property prices next either. Some predict big rises caused by an increase in acceptance of Conservative free market policies, and others suggesting a drop caused by a low pound or a flight of capital.
In times of uncertainty, it’s normal for people to hesitate before action. That goes for both sellers, who want to ensure they sell at a peak time, and buyers, who want to make sure they won’t be stuck with an unsellable asset. However, life doesn’t always work quite so simply, and sometimes there are reasons – like relocation – which make a sale imperative regardless of the economic or political context. So, if Brexit is getting in the way of your plans, consider approaching an organisation like National Property Trade, where we may be able to buy your house and deliver up to 85% of the value.
If you’d like to learn more about how we can deliver a transparent, cost-effective sale of your property, just click here and get your property sales process underway.