In many ways, the panic leading up to the UK’s vote whether or not to stay in the European Union was much more enjoyable than the usual lunacy of a general election. As there were only two choices, the doom-mongers were evenly split, but with many more reasons to either stay or leave, with spurious predictions of Armageddon coming from both sides of the debate.
Although it is a scientific fact that none of us can see into the future, many self-interested parties were clambering over each other to air their views on radio and TV about what would happen after the vote, whichever way the coin fell. This only takes up many pages of newsprint and websites, but now that the country is leaving the EU, how has Brexit affected the house buying market and, in particular, conveyancing?
While there are just as many conflicting views after Brexit as before, the general consensus is that the future of the UK housing market is much brighter than thought previously. With respected analysts in the conveyancing sector predicting a further fall in interest rates, the housing market is set to enjoy an increased buoyancy. This is good news for conveyancers, and their clients as well. Our simple Conveyancing Calculator has the top-rated and recommended online conveyancers to select from.
Of course, different areas of the country will react differently to the overall picture. In Scotland, for example, there are indications that there will be less property sales in the near future, as well as the number of prospective bidders for a property set to fall over the next 12 months. In London, however, there are signs of increased activity from overseas buyers, especially from Asia and other outside investors.
Far from Brexit or any other change in the global situation, it would seem that, far from outside influences affecting the housing market, property business goes along as it always has done. Indeed, it often affects, rather than being affected by, the way that the rest of the business world moves according to circumstances.
The uncertainty over Brexit has had no effect in many areas. For instance, in London just after the referendum, an average of 76% of applications for new-built homes were approved, with a massive 99% given the OK in the Borough of Westminster. While Green Belt areas are, quite rightly, still being protected by the capital’s mayor, there are reports that there is still room in London for almost another 600,000 new homes in the capital in the next decade. East London is a good example of change for the better, with its trendy, techy resurgence helping the capital’s average housing market look like the outlook for its future will be optimistic.
All sorts of events and market changes have recently been blamed on Brexit, from property prices, export and import levels to road accidents and relationship break-ups. But it seems that, as ever, the more things change, the more they stay the same. Predictions are, at best random, and at worst, dangerous. It is best to ignore them, as the UK property market has shown no signs of a crash since the referendum, and its future is looking as bright as before.