Building Brexit uncertainty in the property market

As the Brexit debate rages on in Parliament, it seems there are still some problems to be resolved a bit closer to home. Property prices have been named as one of the biggest concerns surrounding Brexit, and, as a number of property experts come forward expressing concern, what can homeowners come to expect?

We wrote a recent blog that reported the latest statistics from Nationwide. The building society had expressed concern around the growth of house prices, which hit its slowest rate in December 2018.

A story which followed later in January revealed that average UK-wide house prices had actually fallen 0.1% when compared to month-on-month figures.

It is true that uncertainty has been reflected in the overall transactions. The UK Property Transactions Statistics for November 2018, published by the Government, showed the number of transactions on residential properties with a value of £40,000 or greater was 100,930, 0.5% lower compared with the same period a year ago.

According to the latest news from the Royal Institution of Chartered Surveyors (RICS), subdued activity in almost all areas of the UK was mainly driven by Brexit uncertainty and a lack of fresh stock.

RICS members also expect to see a further net fall in sales of 28% in the next three months, as lack of affordability also added to the pessimism around Brexit and lack of supply. RICS now predict sales will either flat line or fall into the negative

There’s no doubt that ongoing political uncertainty is causing some buyers and sellers to bide their time to see what happens post-Brexit.

If you would like some advice relating to your own house purchase, either as a homeowner or investor, Downs Solicitors can help. Contact the Property team for more information.