How Does Brexit Affect The Property Market?

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November 5, 2019 5:18 pm

Are You Looking For Some Clarity On Brexit?

With Brexit once again being pushed back to 2020, and a general election now taking place over the festive period, the uncertainty about the direction and shape of Brexit continues to weigh on the market leaving many of us questioning exactly what will be happening over the coming months & if you’re thinking of buying or selling how exactly this might affect your plans.

Property Market

With countless headlines cautioning people of the damaging effects of Brexit on the property market, there’s no wonder people are so worried and confused about a matter that has not yet materialised.  As a matter of fact, the past few months have seen month-on-month and year-on-year growth in transaction numbers throughout the entire country, particularly within the Greater Manchester region which is actually amongst the highest in the UK at 1.40% from August to October.

First-Time Buyers

First-time buyers have grown by a huge 85% over the last 10 years according to recent statistics from UK Finance. For the first time in nearly 15 years, first time buyer mortgages represent over half of mortgages being authorised in the UK , and particularly with new homes being a government priority there is both the supply and demand in the marketplace.

Mortgages

The latest figures from UK Finance show that the mortgage market in the UK is continuing the current rate of growth with the number of first-time buyer mortgages up 5.8% year-on-year and home mover mortgages up by an impressive 1.4%.

Lettings

Since the introduction of the Tenant Fees Act in June 2019, the lettings market has seen growth. In fact, there has been a resurgence in buy-to-let mortgages which indicates that there is once more opportunity in the market place for those looking to invest. There is also a record high in terms of average yield, with the average now reaching 4.5% up from last year making it the highest in 3 years.

Brexit Timeline 

If you’re thinking of selling or would like some property advice, don’t hesitate to speak to a member of the team from your local branch.

https://millermetcalfe.co.uk/contact-us/ 

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This post was written by millerwp

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