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In, Out - Shake It All About

IN, OUT – SHAKE IT ALL ABOUT

With the results of the UK Referendum now clear the UK has seen volatility in a number of areas, such as the value of sterling and the stock market. But how much of these shock waves will filter through to the UK housing market over the next few years and how much of it is just ‘hype’?

There seems to be general consensus that property values will fall slightly in the short term, however the hardest hit area will be London, which relies on the foreign investment market. Predictions of how much property prices will fall seem to vary quite substantially, and are all based on the assumption that a fall in buyers will be met by a fall in sellers. However, The National Association of Estate Agents believes that property prices will still rise, but will just be £1,000 lower by the end of this year than they otherwise might have been.

Also, house prices are not the only factor affecting the housing market. The mortgage market is looking particularly positive, and it will only get more positive if interest rates fall. Overall whether we are in our out of Europe does not affect the main driver of the UK property market – that we essentially have too few homes for too many people.

How much the Referendum result will affect people’s decision making is also heavily dependent on their circumstances. Some estate agents are reporting increased foreign investors looking to capitalise on the weak pound. Also, if prices do fall, first time buyers might be helped along with lower deposits being required and lower interest rates on their mortgages. Certainly for people already on the property ladder, any potential weaker house prices will be met across the board, so there are certainly no reasons not to proceed with existing plans.

It is too early to tell what affects ‘Brexit’ will have on the UK property market overall, and it will be even harder to tell what can be attributed to ‘Brexit’ as opposed to the recent Stamp Duty changes. But one thing remains the same and that is that we at Neville Turner are, regardless of anything else, committed to helping people find their dream homes and making it happen.

We look forward to working with you.

 

 

 

 

 

 

 

 

 

 

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