The UK’s Real Estate Market: Where are We Now
London has had troubling issues in the previous years concerning the announcement of Brexit. With the March deadline coming closer and closer by the day, various industries such as the automotive, e-commerce, and real estate market are facing the consequences of political uncertainty.
Brexit and the Non-Brexit option
What are the potential consequences of the United Kingdom’s move in leaving the European Union? The possible repeat of the stock market crash of the UK could come into effect again, and the same could be said regarding its property market. Both analysts and investors find the move to be troubling, with the governor of the Bank of England, Mark Carney, estimating a whopping 35% drop in the current state of house prices. No matter how hypothetical his estimation is, he believes that the market’s downfall might be due to the political unrest that is currently plaguing the market.
It’s not all bad news for the UK, as areas such as Wales and Northern Ireland are sustaining their yearly 5% increase in prices sales even amidst the political turmoil. On the other hand, the same can’t be said of London properties which have taken the most massive hit in terms of their slow down in price increase.
There is, however, a third option in which an agreement for a softer middle ground between leaving and staying in the European Union might be found. Though it might be able to appease both parties, later on, it would lead to more negotiations, further prolonging the political uncertainty of the UK.
A buyer’s market
Homeowners are looking to find the best furnishings and searching for articles that reveal the five tips to buying the perfect sofa for their homes or finding the right real estate agent to help them in selling their properties. It’s not the best time to sell, but it is the most convenient time to buy, as there are more properties on the market.
With the situation being as unpredictable as it is now, current homeowners are afraid to sell their properties. As much as possible, the Royal Institute of Chartered Surveyors suggests that they should not be too rash about making decisions with the property they currently own. But it is a safe bet that most people are either bumping up their property’s value or looking to secure more properties while prices are still consistently low.
What will the future hold?
There’s no telling how much the political waters will change in the next few days. With the announcement of leaving the European Union being put into question, industries are still waiting impatiently to see whether or not they’ll finally be able to adapt to the new market that leaving the EU brings. Thankfully enough, a two-year transition period will still take effect which will allow enterprises the appropriate time to revise and renew their business models for their respective industries. Though it may bring a whole lot of paperwork to attend to, it’s better to get the break-up over with so that both parties can finally move on from the issue.
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