The B Word...
How might Brexit affect the housing market
Brexit has loomed large in many of our thoughts over the recent months and it has caused many potential home buyers to question whether now is the right time to be making a home purchase. Whilst none of us have a Crystal Ball, propertydata.co.uk has analysed the most recent predictions from property experts and the consensus is that house proces in the South East are expected to rise by 11.8% over the next 5 years.
This is not surprising with the UK performing incredibly resiliently despite the uncertainty around Brexit. There are more people in work than ever before, wage growth is at it's highest level for a decade, interest rates are only 0.5% higher than their recent 300 year historic low and according to the ONS, population is scheduled to increase in England by 3,238,000 by 2026. With an average household size in the UK of 2.3 persons that would create a need for 1,407,826 additional homes.