This week marks three months since the historic Brexit vote took place. UK residents voted at that time to secede from the EU and become an independent entity. Many changes will ultimately take place, but since then the future of the housing market has been of great concern and discussion. Many experts weighed in and offered analysis on what the short term and long term held for the market. According to Jackson-Stops & Staff, the short term future seems bright with the market returning to normal sooner compared to later.

Recent research conducted by the national estate agency displayed great confidence in the market and its ability to regain its footing within the next few months. Taking a decent pool of data into consideration it appears houses for sale during the last three months have actually increased in number.

Asking prices for homes across the country have fallen 2% and are now resting at £291,547.

Remortgage activity is moving along quite strongly. The drop in base rate has been the major contributing factor. House owners are now seeing fantastic deals still available and are saving money off the cost of the monthly mortgage like never before.

Nick Leeming of Jackson-Stops & Staff commented on the current climate of the UK housing market, saying: “Three months after the UK’s historic vote to leave the EU, the property market remains alive and active.

“There are more properties on the market today than on the day of the Brexit vote, and there has only been a marginal decline in the number of properties under offer. House prices have also declined only moderately.”

Leeming added: “The normal events – families growing, the desire to downsize, a new job, a change of lifestyle – the fundamental drivers for people buying and selling property, have remained unchanged.”