It has been difficult to avoid the media fanfare surrounding Brexit – the British people’s vote to leave the EU. As yet, however, the repercussions of the decision remain largely unclear.
The doom and gloom we have been told to expect hasn’t been as prominent as initially reported. The pound, having fallen drastically on the morning following the vote, has now stabilised – to an extent. There are even reports and speculation about interest rates decreasing, which will surely mean the housing market will become more accessible as house prices become more affordable.
So, as the dust settles and we look ahead to negotiating our departure from the EU, can we say that the state of our country is as bad as we have been led to expect?
New instruction figures from the Residential Conveyancing Department at BHW Solicitors would suggest a buck in the anticipated trend within the housing market. We have seen increasing numbers of people looking at buying or selling their homes, despite the uncertainty over Britain’s future.
As well as our own findings, however, it is of note that many experts are anticipating a fall in interest rates. This will make the property market even more attractive, particularly to first time buyers, as the value of homes will be set to fall. This could also be seen as a catalyst for sellers to act now, before the value of their home decreases further.
Overall, then, instead of having the detrimental effect on the nation’s willingness to enter into property transactions that many reports warned Brexit would have, early indications suggest little actual change on the property market. If anything, the upcoming changes could have a positive effect on our appetite for property.
Of course, we still don’t know how the market will change in the months following Brexit, and there is a lot that could happen during the time that Britain takes to finalise negotiations with Brussels and actually pull out of the EU. However, for now, at least, the UK property market seems stable.
If you are buying or selling a house, and if you are worried about the process in light of recent events, the Conveyancing Team at BHW Solicitors are here to guide you throughout the conveyancing process, ensuring as smooth a transaction as possible.
If you would like to speak to someone at BHW Solicitors about buying or selling your home, or if you would like a quote, then please do not hesitate to call our Conveyancing Team on 0116 289 7000.