When the Brexit vote was announced, there were immediate predictions about the demise of the UK property market and the economy in general. You only must consider how he pound fared against currency like the euro and the US Dollar in the aftermath of the vote to recall that a lot of experts were predicting the worst possible outcomes for the UK. Financial professionals across the country and the UK braced themselves for a shock but so far, markets like the UK property market have fared better than would be expected.
The problem is, it is likely that the full impact of Brexit is still to occur, and it would be wrong to suggest that the UK property market has endured the worst of it yet. However, given the expectations, the market is doing well, even amidst all the uncertainty and confusion, and this is something that provides many people with hope and optimism. No matter your political persuasion or opinion on Brexit, everyone wants to see the property market remain buoyant and a growing number of specialists are making positive noises with respect to the UK property market.
There is optimism surrounding the UK property market
One specialist believes that the transitional period, which will run from the 29th of March 2019 to the end of 2020 will help to remove some of the uncertainty in the market. In the transition period, it is expected that EU citizens arriving in the United Kingdom will enjoy the rights they enjoy now and UK citizens returning to the UK should be unaffected too. Caspar Harvard-Walls is a partner for Black Brick and he has been quoted as saying;” We’re now looking at more than two and a half years of business as usual. That’s got to inject some confidence back into the property market”. Uncertainty is an influencing factor in the UK property market so anything which helps to minimise uncertainty is likely to be hailed as a positive thing.
The market can contend with Brexit
Given that leading institutions like Nationwide also believe that the market has held up better than they predicted so far in 2018 gives light to the belief that the UK may not suffer in the manner that was predicted. It is difficult to predict what will happen in the UK property market at the best of times, but clearly the Brexit issue has been unusual. However, even with naturally pessimistic predictions, there is a belief that the demand for property, coupled with the insufficient level of supply for property, will maintain property prices.
If you are looking to make a move or you want to remain fully informed as to what is likely to happen next in the UK and London property market, deal with an expert. At Kilostate, we are pleased to say that we provide specialist support and strong local knowledge in and around the English capital. Therefore, we are the trusted estate agent for a wide range of property owners and buyers, and we believe that we are the agent you can rely on. No matter what move you are keen to make, come and speak with Kilostate and we will be more than happy to assist you.