In not-so-breaking news, this week Theresa May triggered Article 50 and in doing so, ushered Britain head first into Brexit negotiations.
For months, every industry in the UK has been pondering Brexit’s impact; how will it affect international travel, for example, or what will the impact be on the pound? All jokes aside, we’re in for an interesting couple of years and one of the most talked about topics is the housing market. As the FT reports, analysis by Google shows that property concerns are rampant with searches prefaced with “How will Brexit affect…” followed by “house prices”, rather than “the economy” or “immigration”. So, what are the experts saying for homeowners and house hunters?
The Evening Standard’s Homes & Property recently enlisted a team of professionals to share their thoughts and they collectively had quite a sunny outlook, forecasting a more stable property market, a rise in house sales and no rise in interest rates. However some of these predictions were based on historical patterns and this is one milestone the UK has not yet faced. Zoopla’s founder, Alex Chesterman, speaking to the Express says that purchasing a home is one of the biggest decisions we make and so naturally there’s a lull in sales during “times of uncertainty”, meanwhile The Telegraph tells us that it all depends on the UK’s economic health, which is “difficult to forecast”.
While these opinions are all interesting takes, they lead us to the same conclusion: it’s still too soon to tell. It’s a frustrating outcome but one we’ll probably have to get used to for the next two years. At least we can rest assured that we’re all under the same roof.
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