Tue 02 Apr 2019
Thank you to those of you who responded to last month’s survey about the impact of Brexit on the property market. It seems that our respondents are as divided as our Parliament, with similar numbers agreeing and disagreeing with each statement.
The opening two questions covered the prospect of buying or renting a new property after the UK leaves the European Union. Many of our respondents felt that they would find it harder to move, and that there will be fewer properties available.
However, these people can take heart from the fact that there is evidence to suggest that the contrary may be true.
Some of our respondents indicated that they expect house prices to rise after Brexit, and a few have stated that the do intend to sell or let once the UK has completed its withdrawal from the EU.
This fits with some economists’ expectations for the property market after Brexit. They have noted that, as the market is currently viewed as unstable, many vendors are waiting until after we leave the EU to bring their properties to the market. This may be a sensible decision: whatever the outcome of our withdrawal, the uncertainty which has paralysed many movers will be gone, and the market will start to quicken.
Investors may also cause an uplift in the property market after Brexit. Overseas buyers could take advantage of the exchange rate to invest in UK property, and again will benefit from the end of the uncertainty surrounding the country’s future.
At present, however, the uncertainty is still in place, as MPs have failed to secure a majority for all eight alternative Brexit options proposed last week. The nature of the UK’s exit is still unknown, as is the date – with either the 12th of April or the 22nd of May currently being the most likely outcomes – but whatever is decided, the end of uncertainty is within sight and after that, the housing market could start moving forward with greater confidence.