Brexit uncertainty impacts the property market

Posted on 11 February, 2019 by Bailey Clarke

With all the doubt surrounding the Brexit outcome, the property market may experience a downturn resulting in a severe setback for new housing developments, homeowners and tenants.

Brexit impacts property market

Industry experts are reporting a weakened property market prior to Brexit fears which have seen the biggest monthly drop in January since last April.

The property market is experiencing a decline especially with prices across London and the South East.

Other Negative Factors

There are other elements impacting the property market, such as changes within stamp duty charges in many boroughs and counties.

With limited affordable properties, many new housing developments throughout the UK are minimal due to cautious investors.

Although some funding has been allocated by the government to provide affordable houses, not all locations will qualify.

Positive Property Growth

As Brexit turmoil continues there are some positive outcomes as house prices have grown faster in some areas. Birmingham, Manchester and parts of Wales have seen growth since 2016.

Other locations that have experienced a price growth is Edinburgh, Liverpool and Nottingham a recent property industry survey concluded.

Even though there is a lot of speculation on how the property market will react after Brexit, buyers and sellers are becoming wary about their decision to buy or sell.

With the nervous tension surrounding political uncertainty in the UK could this in its self be impacting industries in a negative capacity.

 



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