Forecast for Housing Market Stronger in Days Following Brexit

Forecast for Housing Market Stronger in Days Following Brexit

The UK housing market is in the middle of a pause moment with many sitting on the fence with regard to buying or selling decisions. With Brexit now in a delay, those decisions will continue to sit undetermined with more uncertainty in the market to come. What is happening outside buyers and sellers though could be insight into what is happening in the background which gives some predictions of the times ahead.

Those who are looking to buy a home at the moment might not find the supply of properties they expected once searching begins. The pool of homes for sale has reached a near record low level in the month of March, according to RICS. This alone has left many buyers feeling like the days ahead can only get better once Brexit is carried out. The level on the books for many estate agents averaged 42 in the month of March which is not any higher than that found in the month of February.

RICS also determined the length of days for a home to sell after it reaches the market to sell. An average of 19 weeks passes before a house is off the market and sold.

RICS data is evidence that house prices will likely fall modestly in the coming weeks, according to some housing experts.

Although the first part of the year has indicated a housing market which could be in for a tougher than average twelve months, there is also data to demonstrate otherwise.

Homes within the prime real estate market, or homes in the top 5% of priced properties, fared well in the first quarter according to Savills. This has provided optimism and hope for many who feel the market is up for a bad year completely.  

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