Ethan M. Hunt Blog | The effects of Brexit on the property market are not what you’d expect | Talkmarkets

The effects of Brexit on the property market are not what you’d expect

Date: Thursday, July 11, 2019 2:11 PM EDT


The effects of Brexit on the property market are not what you’d expect

With the Conservative leadership race hitting the headlines recently, and preparations for leaving the EU postponed to the 31st of October, it is safe to say that Brexit, much to the dismay of most, is still at the forefront of our minds. It is without a doubt that the country is split on this topic, 52/48% to be precise, and many believe that times will be tough when we eventually split, at least in the immediate future.

However, based on financial forecasts and buyers’ boredom surrounding the ‘Brextension’, the property market seems to beg to differ. House buyers are getting restless and won’t wait for the market to pick up indefinitely, particularly when there are budding opportunities in off-plan investment projects and alike.

Here are some of the effects that Brexit has had, and will have, on the property market. They’re probably not what you’d expect.

 

What does the future look like?

Politically, Brexit might all be up in the air, but in terms of the property market, things are looking positive. With the referendum happening in 2016, the property market seems to have emerged from a temporary reactionary slump, and many feel that the market is becoming to get ‘bored of Brexit’. Home buyers and people wanting to move are getting sick of having to wait for improvements to come about, and with the increasing surge in demand particularly around city centre living, projects cannot just be expected to come to a standstill.

The facts, figures and projects of the UK housing market post-Brexit also don’t seem to correlate with the hysteria and mystery surrounding leaving the EU. Not only have property prices increased by 4.5% since the referendum result in 2016, but rents in certain parts of the country have also even increased by up to 4.3%. Research forecasts have shown that the UK average house price growth will improve by 12.6% by 2022.

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