Life after Brexit for the Property Market – Editor’s Comment

The Remainers predicted the end of the property market and the Leavers predicted a brand new one, better than the old.  What actually is happening?

According to one leading London estate agent, a UK wide analysis of properties for sale has shown that there is little difference in terms of types or numbers, although the property market generally has marginally weakened.

Any reports of a crisis have been unfounded.

It is well documented that the August holidays often experience a slowdown in the market. We should  consider whether or not Brexit has caused a greater slowdown than the norm.

Further analysis shows that the average asking price of properties in the UK actually rose by over £1,000, post-Brexit, from £240,470 to £241,510. This figure was calculated on 8th August.

It is fact that there are still hundreds of thousands of offers being made on properties, and while sellers are often having to accept slightly less than the asking price, the slightly higher asking prices are meaning the actual sale prices are remaining on par with pre-Brexit times.

Despite the scaremongering by the pessimists, the figures show that the housing market has been affected very little.

With the lower interest rates, we have every reason to predict that we will see a strong housing market in the next few months.

*Back to September 2016 Newsletter*

©     RW