IS BREXIT AFFECTING THE HOUSING MARKET?
February and March 2016 saw a huge rush on conveyancing transactions with those buying second properties keen to have their purchases over the line before the 1st April. The property market has settled somewhat in April and confidence in the market might well fall slightly due to uncertainty fuelled by Brexit.
Accordingly to the Royal Institute of Chartered Surveyors (RICS), house price growth is set to slow down as a climate of uncertainty overshadows the market.
YES OR NO VOTE?
If we vote to stay in, it will be back to business as usual. If we vote to leave, we don’t know what way things will pan out and this uncertainty is filtering into the property market. However, it’s not all doom and gloom. Brexit is impacting different areas of the market in different ways. There is a world of difference between a First Time buyer purchasing a two bed terrace in Belfast and an overseas investor buying a £20m apartment complex in London.
Although uncertainty may be creeping in in relation to the larger, more commercial type transactions, we are still seeing a strong level of interest in the smaller scale transactions and there are plenty of sales and purchases going through. Spring/Summer is always the busiest time of year for conveyancing transactions and MTB’s conveyancing department are currently processing a very large number of sales and purchases, ranging from those who are making their first steps onto the property market to those who are downsizing, selling the larger family home and moving to a smaller, more manageable two –three bed house or apartment.
Whatever your conveyancing needs, MTB can guide you smoothly through the process. Feel free to contact our conveyancing department to obtain a conveyancing quote or to speak to one of our highly experienced team if you have any questions or queries. Often you just want to know how much it will cost and how long it will take – with MTB there’s no legal jargon and no hidden costs! We’ll explain it all!