According to a recent survey, initial fears about the long-term health of the UK’s property market following the vote to leave the European Union have subsided.
The survey, carried out by the Royal Institution of Chartered Surveyors, has predicted both short and long term growth for the first time since the vote in June.
Instead of Brexit, most people currently consider the biggest problem in the UK housing market simply to be the lack of properties for sale – something that has been a growing concern to many for a number of years. On top of this, the recent changes to stamp duty make an already sluggish market even slower- especially for properties worth over £1 million.
Some people say the very low costs of borrowing due to the recent cut in bank rate are responsible for the calmer picture, however confidence is likely to change as negotiations for Britain’s exit from the European Union develop, and the potential impacts on the economy that will come as a result.
But for now the news remains encouraging. While things may change, for now we are avoiding the weakness that many would have initially expected.
This means that unlike what many feared, now isn’t the uncertain time that many predicted. Contact your local financial advisor to find out more about what this means for you. Our IFAs can offer whole of market advice tailored to your situation to ensure you make the correct financial decision for your future.