Posted on 22nd November 2018
As the pound suffers its worst day since 2016 it would seem to be a bleak Friday indeed. This news comes as, according to the BBC, analysists are advising that homes are taking longer to sell than they were a year ago. Since 2016 the markets have appeared little affected by Brexit however as the March 2019 departure date approaches it seems that the figures are being affected. This news is not helped by the Royal Institute of Chartered Surveyors forecast that house prices are at the lowest they have been since 2016. Currently; it is estimated that housing transactions are down twenty percent however on the whole house prices are still on the rise.
Brexit concerns are putting off potential EU buyers and the uncertainty is causing some people to “wait and see” before deciding to buy. Some argue that this is largely because many jobs are focused in or around the finance industry. People don’t wish to be tying themselves into a mortgage when there is so much uncertainty about their future employability. Afterall a buoyant property market depends on the UK’s economic health!
Nevertheless; there is a strong argument that Brexit will have little effect on house prices outside of London as the demand for homes ever increases. Is the stark statistic from Mark Carney of house prices dropping by 35% merely another “project fear” ploy or is it all truly doom and gloom?
Perhaps not. If you can afford to then there is a good chance that you may be able to pick up a bargain! If you weren’t one of those people who sat there on 31st December 1999 convinced that the sky would fall in and the world would start spinning in the opposite direction, then you may well be the same type of person who takes advantage of the Brexit uncertainty to invest in potentially cheaper property deals. Property expert and analysis Henry Pryor the “supply will still be driven by the three Ds – people will die, want to get divorced and need to pay their debts, so they will have to sell.”
Should you decide to take the leap and purchase ahead of the Brexit departure date MG Legal, Conveyancers in Lancaster, will be here to help. And providing the world continues to spin and the sky does not fall in then we will be here after March 2019 for all your Property Law needs. Enquire now about Property solicitors in Garstang, Longridge, Lancaster and Manchester on 01995 602 129 or email us via firstname.lastname@example.org . Our team of conveyancing solicitors Preston, and solicitors Lancaster are well versed on Brexit. Get in touch and see how it affects you and your property.
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