The property market: Beyond Brexit
Friday 31st January at 11pm, Britain left the European Union.
But what does that mean for the property market?
The team at Mclarens Estate Agents have sifted through all of the news and property predictions to deliver you everything you need to know.
Even through the UK have technically “left” the EU, we have actually entered into a transmission period. This means, in reality, nothing really changes. We continue to live with the EU customs union and single market, and abide by EU laws until the end of 2020.
During this time, Boris Johnson will be working hard with the EU to agree a deal. Should no deal be agreed by the end of the year, the UK will have left the EU with no deal.
December saw a 2.3% jump in sale prices, according to Rightmove, which became the largest increase of property sale figures throughout 2019, with political clarification suggested to be the reason behind the rise.
If political clarification is to blame for the slight rise in property sale prices for December 2019, many believe the same can be said for the property market during 2020, between 1-3%.
With UK banks approving the highest number of mortgages since 2015, in a sign that the property market will continue in the right direction throughout our period of transition, although that is dependent on what could happen to interest rates.
While it is clear that the start of 2021 will see an end to the transmission period, and the UK officially leaving the EU (with or without a deal), there is still a lot to be decided in terms of the detail of how we’re leaving the EU.
That said, signs of resiliency within the property market have been positive, with a buying market eager and willing.
If it’s time for you to move, now is as good a time as any to sell your home. Contact your local Dorking Estate Agents, Mclarens, for a valuation 01306 884 635.