Brexit May Affect UK Housing Market Extensively

Brexit May Affect UK Housing Market Extensively

The UK housing market has been ignoring wider economy concerns after the Brexit vote in June. However, it has added several problems for a wide number of first-time homebuyers. They have been struggling with the continuing year add-on price rises in the UK housing market. Numerous homebuyers and sellers have come into the market, as compared to the time around the referendum a year back. According to the survey by bespoke kitchens in Glasgow, it would be pertinent to mention here that the number of sales have risen by 4.6% in June this year in comparison to the same month last year.

Property stock sold subject to contract

They added that potential homebuyers have been seeing plenty of sold boards on several desired properties. Approximately, 45% of property stock of estate agents has been sold subject to contract. In the meantime, cumulative sales have been agreed to during this year. It has been at par with similar period during last year, which was down by 0.4%, despite the rush to beat April 2016 stamp duty deadline boosted the first six months in 2016. According to Miles Shipside, director and housing market analyst opined that despite lasting a year on shock referendum results and following depression in various market activity levels, the fundamentals have been strong.

Desired properties sold across UK

It may not be wrong to suggest that low interest rates, low unemployment, regular demand and undersupply of homes to several buyers have justified the shaking confidence. The direct result has been nearly 45% of desired properties have sold signs across the UK. Several surveys revealed the calculations on asking prices instead of completed transactions. This comes at the time when real estate market is relatively quiet. Both sellers and buyers have taken a break. Even the households have been concentrating more on holidaying.

 

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