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How Has Brexit Affected the UK Housing Market?

How Has Brexit Affected the UK Housing Market?

Published on 6th March 2018

How Has Brexit Affected the UK Housing Market?

Are you wondering how to sell property online when the housing market in the UK is struggling because of the uncertainty thrown up by Brexit vote? It’s been more than a year since the Brexit referendum was held and we are still nowhere close to knowing how it is all going to pan out.

At Cheapmoov, we connect buyers with sellers, tenants with renters. We are the leading online estate agents and letting agents in the UK. We help you sell property online fast.

Since we work with hundreds of buyers and sellers across the UK on a daily basis, we are well aware of the buying and selling trends in the housing market. We can tell you that Brexit has left a deep impact on the property market, leading to a lot of uncertainty.

But Brexit hasn’t officially happened as yet – it is going to be a year or two before UK officially leaves the European Union. So we still do not know the full impact of Brexit. As of now, things look uncertain, but not too bad.

Here’s the truth about Brexit and how it has affected the property market in the UK...

Slowdown in the sales

There is no question that both home buyers and home sellers hate uncertainty more than anything. The Brexit referendum has delivered a measure of uncertainty in the market. People are not confident of buying or selling, they don’t know what’s the right price to buy and what’s the right price to sell a house.

We don’t expect things to get much easier in 2018 either. There is also a lot of uncertainty over the future of the Conservative Party-led government. This means people are very anxious right now which is why there has been a slowdown in the housing market.

The slowdown is not so intense to justify calling it a recession, but things are certainly not as good as they were in the pre-Brexit days. There simply isn’t the same level of confidence. But if you hire the right estate agents, you will be able to sell property online for a good price, regardless of the current market situation.

The London property market has deflated

London has always been the most bullish of all property markets, but Brexit has been a big negative for London. Foreign investors are no longer so sure about buying luxury properties in London for a top price as they did in the past. They are looking to invest in other EU nations such as Germany, France and Spain.

London has suffered as a consequence of that. Some of the major financial institutions such as HSBC have announced plans to shift their headquarters out of London to other cities such as Paris, Berlin and Marid.

Is it all bad news?

No, Brexit is not all bad news as the mortgage rates have been cut and home buyers can get mortgages at very attractive rates. So there are a lot of properties that looked unaffordable a couple of years back, which are now well within your range.

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