Brexit? Fear not
Brexit can’t be used as an excuse for every problem in the property market: that is the consensus emerging among some commentators as yet more mixed data emerges on the property market in the wake of the EU referendum.
They say Stamp Duty changes imposed by the previous Chancellor has had far more of an effect. The Bank of England’s money and credit report for June showed loan approvals for house purchase numbered 64,766 in June, down from an average of 69,998 over the previous six months.
There is an opinion that the market, particularly in London has actually been slowing for over two years – long before the EU referendum. Two bad Budgets, two bad Autumn Statements, a Scottish Referendum and a General Election. The Brexit vote is simply another hurdle, but at least it is the end of the uncertainty we’ve been having.
Several lenders and brokers also agree that issues such as the stamp duty reforms and wider affordability issues were having an impact long before the Leave vote.
The political upheaval may have knocked the confidence of some, but beneath the caution is a sturdy base of potential buyers who want to move home or get on the ladder. However, many first-time buyers dropped by the wayside and this area in need of continued government support and high “loan to value” mortgages.
Uncertainty ahead of the EU referendum may have also played a part, but there are buyers and sellers out there waiting to move now. Confidence is returning and a price collapse did not happen, although price is an important aspect of any deal and sellers should always be aware of that. You may recall a famous quote, “there’s nothing to fear but fear itself”.
Why not call for that Free Valuation or ask for our list of available property to buy. 01993 779020 Fear not , we are still selling well.