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Brexit has been pushed back, yet again, and the country now has a flexible extension until 31st October 2019. That’s another six months to establish some sort of concrete plan. Whether you are an avid Brexiteer or a steadfast remainer, there is no doubt that Brexit will have an impact on the property market in the UK.
Back in June 2016, the majority of people in the UK voted to leave the EU, hence the ongoing Brexit negotiations. Following this decision, the property market did stagnate. However, this is not unusual for the summer period and the same pattern occurred in 2017. In 2018, with Brexit just a year away, the market saw a larger summer dip than usual, with property prices decreasing month on month and into 2019. Between August 2018 and January 2019 property prices in the UK fell by an average of 2%.
At the moment, the majority of people wanting to sell their home in the UK are split into two camps. On the one side, there are those who are waiting for Brexit uncertainty to blow over before they put their house on the market because they fear having to sell for less than its worth. In contrast, some sellers have already put their property up for sale pre-Brexit in the hope they will fetch more for their property than by waiting until 2020.
In most areas of the UK, the property market is remaining in the common state of supply and demand. Whilst the number of sellers has decreased, meaning fewer properties on the market than usual, properties are still being realistically priced and sales are being secured within days in some parts of the UK.
The UK has seen its fair share of recessions, most recently the Great Recession which spanned 2008 and 2009. Despite the despair that these recessions brought there was one thing that property experts continually stressed; property prices will increase. Whilst we are not insinuating that Brexit will bring on a recession, it is worth remembering that property prices will always increase as there are ever-increasing demand and a lack of supply.
Brexit will be another milestone for the UK. Regardless of whether we leave the EU or fail to reach an agreement, the country and the economy will survive. From hyperinflation in the 70s, to serious unemployment in the 80s and interest rates of 15% in the 90s, the UK economy has always bounced back over a period of time. This includes the property market.
People will always need a roof over their head. If property prices do drop it could be best to play the long game. However, because demand outweighs the supply of properties in the UK, many experts claim that the property market will always come good in the end.
Whilst we have a ‘flextension’ until the end of October this year, Brexit could come at any time. If you do want to sell before the UK officially leaves the EU, then you will want a company who can sell your property as quickly as possible. Look no further than WeBuyAnyHome.
Being cash buyers, we are able to sell your house within seven days. All you need to do is get a cash offer from us and we will handle the rest if you are happy with your offer. Unlike estate agents, we don’t charge you any estate agent’s or solicitor’s fees and your cash offer is completely free. If you want to sell your house before Brexit becomes a reality contact us today.