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What is Brexit doing to the property market?

December 15 2017

Since June 23rd last year, Brexit has never really been out of the news. This month came the announcement from Brussels that negotiations are to continue to the second stage following a deal between the UK and the European Union being reached. The constant talk of Brexit as well as the ongoing negotiations have understandably meant uncertainty across many areas including trade where the full effects of the decision to leave the EU remain to be seen.

In the property market there has been a certain amount of fluctuation in the last 18 months or so, although it is not yet clear whether this is directly attributable to Brexit or not. However, there is the argument that Brexit and the prolonged period of uncertainty surrounding it has affected consumer confidence in the market. People are choosing to play safe and not move during this time until the economic situation becomes more stable.

On the other hand, there are claims that Brexit has actually had a positive impact on housing as affordability can increase as confidence in the sector and the price of housing drops. Indeed, according to Halifax, house prices started to slow in July 2016, just one month after the Brexit vote took place. It is important to remember though that other factors, such as low interest rates, could have been in place which affected this change. Only time will tell whether the effect of Brexit will leave a long-lasting impact on the housing market - this is perhaps the only thing which is certain during this period of continued uncertainty.

Grahame Stowe Bateson are a leading private client firm based in Leeds, Harrogate, Middleton and Bramley. Our experienced teams of solicitors can provide representation across all areas including conveyancing, wills and probate, and family law. For more information or to book an appointment, please get in touch today on 0113 2468163.

 


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