A question on a lot of people’s minds is how brexit will affect us individually/personally. In particular, what will happen to house prices? Following brexit will it be a buyers or sellers market?
The Guardian reports that house prices in London slid for the eighth quarter in a row. Whereas Amsterdam are experiencing a property boom.
It is believed that house prices could fall by up to 30% from their pre-brexit level if there was no deal.
Overall, year-on-year house price growth across the UK in January 2019 was at its slowest in almost 6 years, with a rise of just 0.1 per cent, according to the Nationwide index; it remained sluggish, with a 0.4 per cent rise.
Brexit uncertainty is keeping rates low, which means home-ownership is the most cost effective it’s been in recent years, but it has been suggested that brexit will bring rate rises.
The Bank of England has warned that house prices could plummet, with experts warning that a house prices crisis could be just around the corner.
If prices drop, this could mean more affordable housing for many not yet on the housing ladder, and wont really affect those homeowners who intend on staying in their property for the time being. For those selling, it is obviously a very different story, with many finding they are in negative equity.
At present however, this is all predictions!