As Deadline to Brexit Approaches Opportunities Could Develop in Housing Market

As Deadline to Brexit Approaches Opportunities Could Develop in Housing Market

The deadline to Brexit is less than three months away. It is less time to the deadline of Brexit than is often measured to give reflection on the state of the housing market, as most data will reveal a month to month comparison, year to year, and at times the three months leading to the close of the collection of data. To those that study and work in the housing market, the fact that there is less than three months is like knowing that time is drawing near to pulling a tarp off of a piece of artwork and finally revealing what no one has yet seen.

To analysts, surveyors, experts, economists, and others, the outcome of Brexit on the housing market is as unknown as other things that Brexit will impact. It could hit harder than anyone expected, it could push the market but the market could push back and surprise everyone with unexpected growth and stronger resilience than seen throughout 2019 so far.

Home buyers might become more cautious and perhaps that is why some of the latest housing market information shows a cooling off of the market. It could also mean that they are waiting for the very best moment to take action, which could be immediately following Brexit according to some experts that predict lenders will offer attractive deals despite any action by the Bank of England’s Monetary Policy Committee (MPC) to cut rates.

Yet, that could happen, too, think some, for if the MPC does take action and cut the standard base rate, it has been noted that a new low interest rate will not be the norm and it would last for a very short time before being switched to a higher interest rate.

There is a talk to an overhaul to the stamp duty at the start of October, and that could bring buyers back to the market in larger numbers, as well as landlords. It could balance out any impact of Brexit or at least dilute it, or it could reveal that Brexit was totally ignored by home buyers who chose to take advantage of the benefits of the uncertainty surrounding the national event.

Also, it has been well spoken of that the current housing market lacks supply. Perhaps it will be the homeowners that have held off moving home, downsizing, or upgrading to a larger property that will take action before or after Brexit and add to supply which could bring interested first time buyers, landlords, and other investors back into the market.

There are many factors that will be at play come the end of October, and that includes stepping into colder weather with true winter approaching, the holidays, and the usual and expected slowdown in the market as the year closes.

There aren’t many days until the Brexit deadline, and maybe the impact on the housing market will be as expected, since there is likely a few experts that have leaned a specific way with their forecasts that will match the results. It could also be an opportunity to for those individuals keen to take action to buy, sell, and take advantage of lower interest rates, such as mortgage and remortgage seekers.

It is of course, as stated, less than 90 days away, and how Brexit impacted the housing market will be discussed and analyzed for months to come and into 2020. It is then we will know what Brexit caused, and it will be then we will understand how home buyers reacted. It isn’t long from now, for 31 October is really very close in terms of how the experts study data. For those that could benefit now or later with lower interest rates, borrowing, buying, or selling, then perhaps the deadline seems even closer with little time to take advantage of the opportunities present and developing.

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