What does looming Brexit mean for property prices?
Thu, Oct 03, 2019
The UK has probably rarely been more in need of a reliable ‘crystal ball’ than it is now. No matter what their political views, most of our clients just want to know what lies ahead for their income, their economic future, and their property.
We constantly monitor our markets and other property experts’ opinions to help us support you and provide the advice you need. One of our industry’s most accurate economic forecasters of the economy and its impact on property is Roger Martin Fagg, who in the past has used his analysis of money markets and trends to predict the last three UK recessions.
His suggestion is that, while much still hangs in the balance on the decisions made re Brexit “the growth in earnings, plus stable house prices, has created a sense of ‘all is well’ for the average person in the street. It is a paradox – people think the economy will worsen but their own situation will not. My view is so long as house prices do not fall, and unemployment doesn’t increase, people will continue to think their financial position is fine.”
Towards the end of 2019, feels Roger, we could be close to, or heading directly into, a recession but that this might not have the same crushing impact on house prices as previous recessions (and which have in fact been partly responsible for driving those recessions deeper). Much depends on the industry and its clients staying positive and confident, and holding steady on pricing.
We’ve streamlined our own business and practices to make sure we’re in the best possible position to represent our clients in a changing market. With almost fifty years of property sales and lettings behind us, we fully expect to be leaders for the next fifty and beyond. We’ll keep you updated about the market as we experience it and how the experts are viewing the outlook.
Information taken from propertyacademy.co.uk – with thanks