How has the housing market been affected by Brexit so far?
Since the referendum vote result was announced for Britain to begin the process of leaving the EU, there has been much uncertainty. This uncertainty has had an impact on the housing market across the UK, and here are some of the things that have happened so far and some possible effects that we may see during the continued Brexit process:
London house prices have fallen
For the first time in eight years, we have seen a decline in the overall price of London properties. Whilst growth has been declining over time, London prices, particularly some of the more affluent areas of the capital, have experienced a drop in property prices. However, this is unlikely to have a significant impact on the overall UK property market as the 0.6% decline is small and there is no evidence that this will be a long-term trend.
Luxury property prices
At the same time, luxury property prices have been impacted, particularly in city areas, and some predictions even suggest that London luxury property prices will remain flat until the full Brexit process is over.
Slower growth in UK house price growth
From June 2016, following the decision for Britain to leave the European Union, uncertainty has had an impact on the housing market that has been demonstrated in the slower growth in house price increases. Although there is still an increase, the rate of increase has declined from previous years. At the same time, there are fewer properties on the market than in the past, with sellers cautious to sell at an unpredictable time.
What does this mean for those looking to buy?
The uncertain housing market in London has not been reflected in all areas of the UK. In fact, house prices in Surrey have continued to rise steadily as many people are choosing to buy a 3 or 4 bedroom house in Surrey or Hampshire where it is possible to get much better value for money whilst still being a convenient commute away from the bustling city.
The draw of a Surrey and Hampshire properties
Even though the long-term future of the housing market is unpredictable, there is no doubt about the pull factors that Surrey and Hampshire boast. Alongside convenience for travel, the combination of picturesque location with all the necessary amenities nearby, with large property sizes for your money, these areas continue to be popular amongst families and first-time buyers alike.
If you’re considering buying a home in Surrey or Hampshire, why not take a look at some of the properties that Clarke Gammon Wellers has to offer today by using our property search. Alternatively you can speak with one of our team directly today to discuss what you are looking for in a property, by calling us on any of the following numbers: Guildford 01483 880900, Haslemere 01428 664800 or Liphook 01428 728900.