Date Published 15 April 2019
At the point of writing, it has just been announced that the Government will look to extend the Brexit deadline until the end of June.
So what does this mean for the property market?
Well, the only glimmer of light from this announcement is that it is safe to say that estate agents are now only the second most hated profession, with Politicians overtaking us. The property market has been craving certainty, as has pretty much everything else, but with a complete lack of ability to form a coherent plan, there's no guarantee that the EU will accept this and so the kicking the can down the road strategy means that we are in for more uncertainty and reduced buyer numbers.
The silver lining? It's time to upsize, make that first purchase or bring forward buy to let purchases. As prices edge downward, the differential from moving up to a larger house is now more achievable. With about a fifth of the market holding off until a decision is made or certainty returns, this will bring balance back to the market and we are noticing some savvy, younger couples taking the opportunity to buy larger properties or get on the market. In fact, first time buyers as a percentage of the market have significantly increased.
A market relies on it's fundamentals and although I expect a small, completely unnecessary recession caused by our inept government, wage inflation is exceeding inflation, interest rates are ultra low, as is unemployment. Many businesses that have held off from investment or projects will start to do so post Brexit and this will only further support prices from then.
Now couldn't be a better time for first time buyers or upsizing. If you are considering this, talk to a mortgage professional or estate agent to see what the options are. You may be pleasantly surprised!