52% of those reading this article will be thoroughly chuffed to see that the UK is moving away from the EU. 48% of you might be a little less chirpy.
Either way, PM Theresa May has said ‘Brexit means Brexit’ so it looks like we’ll have to deal with it and move forward.
So, we ask how this is affecting the property market in the UK, in the immediate aftermath of the unexpected result.
Firstly, what’s happening now? A lot, is the simple answer. For one, it turns out that some purchasers had ‘Brexit-clauses’ written into their contracts, that have allowed them to walk away from deals when the result went the way it did.
This, combined with smaller interest in property currently, has meant zero growth in the London property market, and a standstill during the Brexit period.
It has been widely reported that property trusts aren’t doing all too well either, since attempts to withdraw cash means property must be put up for sale. This takes time, and so some trusts have had to suspend withdrawals, due to too high demand.
But it isn’t all doom and gloom. For Britons looking to buy, now is the time! With prices not increasing, and less demand overall, a good deal on a property can be brokered.
So if you were a Remainer but were also in the market for a new home, look on the bright side and grab a bargain!