The effect of Brexit on the property market

There has been a lot of uncertainty in terms of Brexit and the impact it is going to have on property prices.  Houses prices currently in the UK have frozen with a rise of 0.1% in January and a rise of 0.4% in February according to the nationwide index. The Bank of England governor Mark Carney suggested that no deal Brexit could lead to 30% reduction in house prices.

However Stuart Mills a residential sales manager of Rickman properties has quoted that the market right now is sluggish and the prices are proving to be more flexible. This is one of the optimum times to trade up in properties.  Buyers might be waiting to pounce at the right opportunity for when house prices drop but have to be cautious as lenders currently still acquire a strong appetite to lend in the current market, although this may not be the case post Brexit.

Amongst all the uncertainty there is still and influx of people buying and remortgaging and carrying out business as usual. Meanwhile the mortgage rates are at a record low.  If you’re purchasing a property or currently own a mortgage on a property to maintain the certainty of payments, fixing your rate for a certain period could be the answer.

Talk to the team at Rosebank today to review your circumstances.