The question on everyone’s mind; how will Brexit affect the Housing Market?
With two months to go until the UK leaves the EU – deal or no deal – there are many views regarding how it will affect the housing market. As an Estate Agent from the North-West region of England, the light at the end of the tunnel is seemingly brighter than that of the national opinion. With Savills suggesting the North-West’s house prices will grow 21.6% over the next five years which is 6.8% higher than the forecasted UK average price increase at 14.8%. It appears that London prices will take the brunt of Brexit due to the nature of their cosmopolitan international market, estimated at 12.4% growth over the same period, 2.4% lower than the UK average. Reports of transaction volumes across the country using data from HM Land Registry and Registers of Scotland showed that whilst there has been a decline throughout the UK, the falls are “particularly pronounced in areas of low affordability, such as London and the South”.
How likely is a post Brexit housing boom for the North-West?
We understand there is pent up demand, following the final vote the two-year backlog of cautious buyers and sellers will finally start to regain their confidence in the market. This may result in the increase in North-West house prices and could well lead to a ‘post Brexit boom’. Significant factors supporting the Furness and South Lakeland housing market include the resurgence of BAE activity, the off-shore wind farm, Supply Chain activity and a general feeling of optimism. This is currently reflected in the level of activity within our commercial and new build clients. We are a local and focused property company who are well placed to take advantage of these unique market conditions and are only too pleased to help you also enjoy these opportunities.