Brexit & The Property Market

Brexit & The Property Market

Hard of soft, not Boris Johnson’s choice of boiled egg, but how Brexit unfolds will have an affect on the property market. As Carol Lewis writing in the Sunday Times recently summed it, ‘The average UK homeowner made more money from their home in the first ten months of this year than in the preceding three and a half years. The question now is whether they will keep that record gain, or see it wiped out by a poor Brexit deal.’

Looking at the Bank of England for a steer, worryingly in June and September they were talking about imposing negative interest rates, which given the base rate is 0.1% seems an indicator that if Brexit goes badly and inflation is to remain at 2%, draconian measures may prevail.

What then for the housing market? In some ways the biggest stimuli to the property market is the SDLT holiday. But if jobs become impacted and food becomes more expensive, late Spring 2021 could be an interesting time if Jan 1st sees a hard Brexit.

Asking agents for their view of Brexit, those I spoke to in London had as differing views on how Brexit would play out as those in the shires and in the North. Bullish sales and lack of inventory to sell certainly seem to be the watchwords, and Brexit well not really on most agents agenda.

Interestingly one agent said we are an island nation so probably we will just keep on going, whilst I admired his spirit, I am not 100% convinced. As Brexit in a way has split the country, hence the closeness of the national vote, but its impact has been magnified by the extraordinary ravages of the pandemic that no-one could have planned for.

The only thing that became clear to me as I cast around asking for opinions on Brexit and what it will or will not do for the marketplace, the more I realised that we have never been here before.

Yes, there has been boom and bust, peaks and troughs, but for decades it was against a European Union background.

Now for better or for worse – the property world will wake up bleary eyed in three weeks’ time to reality of a divorce situation, the terms of which may weigh heavily on the industry. If you have any thoughts either way, please let me know.

Andrew Stanton

CEO & Founder Proptech-PR. Proptech Real Estate Influencer, Executive Editor of Estate Agent Networking. Leading PR consultancy in Proptech & Real Estate.

You May Also Enjoy

Breaking News

Popping the Asking Price Bubble

Where in the Uk Can Buyers Snap Up Property Bargains and Where Properties Go for a Premium Above Asking Price   New research from fast selling property company, Upstix has uncovered the UK’s most surprising postcodes for snapping up a property at bargain prices this year, highlighting a widening gap between sellers’ expectations and the…
Read More
Rightmove logo
Breaking News

Highest demand to lease office space since pre-pandemic

The latest insights from the UK’s number one commercial property website Rightmove, reveals that the number of unique enquiries to lease office space is at its highest point since pre-pandemic, as businesses look for spaces that meet modern requirements. Demand to lease office space is 19% higher than the same period a year ago and…
Read More
Planning disputes on new build land
Estate Agent Talk

Planning consultations for major infrastructure to be streamlined

Robert Bruce, a planning and infrastructure partner at law firm Freeths LLP, said he: “Welcomed the change as a significant step to speeding up the DCO process and the focus on the quality and effectiveness of the consultation, rather than box ticking and a risk averse approach to pre-application consultation due to the current legal…
Read More
Breaking News

‘The property ladder pulls further away’ warns Open Property Group

For many first-time buyers across England, the dream of homeownership continues to slip further out of reach. Despite rising wages, soaring house prices are making it harder than ever to get on the property ladder. A leading UK professional house buying company ‘Open Property Group’ based in Buckinghamshire UK, has raised concerns over the ongoing…
Read More
Estate Agent Talk

How Long It Takes to Buy a House in the UK: 5 Common Delays That Can Slow Down Your Home Purchase

Wondering how long it takes to buy a house in the UK? The average timeline ranges from 8 to 22 weeks, but even that can stretch significantly due to unexpected delays, especially if you’re a first-time buyer or caught in a chain. That’s why working with experienced professionals like Belvoir — one of the UK’s…
Read More
Love or Hate Rightmove
Breaking News

Rightmove to host Renters’ Rights Bill webinar with Guild of Lettings

Rightmove is hosting a live and interactive webinar session with the Guild of Lettings to help agents get Renters’ Rights Ready. The webinar will take place from 10:00am – 11:00am on Wednesday 23rd April. Susie Crolla, Managing Director for the Guild of Lettings, will be joining Rightmove to help agents with questions they may have about…
Read More