18% drop in house prices on “Brexit” says George Osborne
The latest prediction by George Osborne that house prices will drop by 18% over 2 years if the UK votes to leave the EU is another attempt to dissuade the “Brexit” supporters, it may have had some credibility if he had not been so precise with the figure, why not 10% or 25%, how does he arrive at precisely 18% and what evidence does he have to support such a claim? his claim is just an opinion as anyone else may hold an opinion, it is definately not a fact.
What is a fact is that many would welcome a drop in house prices, especially first time buyers who are desperate to get a foot on the property ladder, they would be more than happy to escape from being one of those who are termed as “Generation Rent”.
House prices are at present grossly overpriced, no more so than in the capital, whatever the result of the referendum a cooling of house prices is more than likely to take place, this will probably start in London and ripple out, there are reports that ‘top end’ property prices have already started to stagnate in the capital and sellers are having to cut prices to attract buyers, whether Brexit or not house prices will almost certainly correct sometime in the future, that may come sooner than many expect if increases in interest rates begin to happen.
You May Also Enjoy
HMRC ramps up scrutiny of residential property valuations as it cracks down on inheritance tax avoidance
Renters urged to understand their new rights before major law change
The Foundation of Your Home: Why Your Subfloor Dictates Your Flooring Destiny
Almost £1.4m difference in property prices between the start and finish lines of London Marathon
Demand drops year-on-year for commercial property from high base
