Changes to the Housing Market
Following Britain’s vote to leave the EU!
Forecasting the impact that Brexit was going to have on the property market was never going to be easy. However, after property transactions experienced an initial ‘wobble’ from buyers in the first couple of months following the announcement of Britain leaving the EU much has stabilised. There are still a respectable level of transactions happening and achieving good prices going though the autumn months. Things will naturally slow down towards christmas but with interest rates expected to stay low this preserves the affordability for those with needing mortgage funding. This reduces the risk of a housing market ‘correction’ and property prices look to remain steady albeit probably at a slower ‘damped’ pace than we have seen of the last couple of years.
Good properties are still in demand and although there are fewer numbers viewing properties at present the purchasers that are looking tend to be more serious and ready to commit when they have found the ‘right’ property.