Follow Us on Google
Whether you’re a staunch remainer or avid Brexiteer, there’s no denying that the uncertainty around when the UK will leave the EU, and the terms under which it may happen, is causing property market jitters.
Voting has begun in the House of Commons this morning for the new leader of the Conservative party, who will also become prime minister. The result will heavily influence the outcome of Brexit, making it a pivotal moment for the future of the economy and housing market.
While MPs have repeatedly voted against the UK leaving the EU without a deal, the results are not legally binding. A no-deal Brexit remains the default position if an agreement cannot be reached between the UK and EU.
Many business leaders and financial experts have expressed concerns about the potential consequences of leaving without a deal.
In September 2018, Bank of England governor Mark Carney warned that leaving the EU without a deal could send house prices tumbling by a third, and in February this year he added that UK growth would be ‘guaranteed’ to fall in the event of a no-deal Brexit.
So, what does all of this mean for the property market, and what impact has the vote to leave the EU already made on house prices and sales volumes?
We’ve analysed market activity before and since the Brexit referendum to bring you the insider’s guide to what experts from the estate agency, building, mortgage and buy-to-let sectors think will happen over the coming months.
Courtesy: Money, Mortgage & Property
