How Is Brexit Affecting The Property Market
As we all know the UK is expecting to leave the EU at the end of this month with a lot of people thinking how Brexit is going to affect the housing market.
Many people are looking or wanting to buy a new home but with all the uncertainty are people put off by making a commitment to buying a new home at the moment.
The Bank of England has commented that house prices could potentially fall by 40%. Because of this you can understand why people are slightly anxious about buying a new home. However, two things to consider are how realistic is a 40% slump and secondly if you are looking to stay in the home for a number of years the chances are the house will be worth more in the long term anyway.
However there is no doubt that peoples anxieties have started to affect the market especially in London. Here at FastMove viewing figures are down, especially in the South of the Country with London been the most affected area. We do expect these figures to continue as buyers continue to the let their pre-Brexit anxieties play out.
However, here at FastMove we don’t believe there will be any drop in prices similar to those predicted by the Bank Of England. We feel buyers will just remain cautious until the outcome is finally confirmed.
One thing that is important if you are looking to buy a new home is to consider a fixed rate mortgage, with the advice of a financial advisor. This is something which will give you certainty in these uncertain times. Remember mortgage rates are still at an historic low there is hardly any room for them to go down however loads of space for them to go up.