House Prices Could See Steady Growth through Brexit and Beyond

House Prices Could See Steady Growth through Brexit and Beyond

The housing market has shown that it is not to be taken lightly and can, when needed, show strong resilience in the face of uncertainty. The doom and gloom for the housing market that was forecasted when Brexit was announced never materialized. Instead, not only did some area housing markets remain steady, many saw full out growth.

London did continue to see falling house prices, but as experts often point out, the capital house price declines have factors beyond Brexit at play. Now that the deadline for Brexit is approaching and no deal is expected, optimism is being pulled in, but there are experts that believe the housing market will show overall growth for the year and will continue strong in the months ahead.

According to one report, offered by reallymoving, the average house price is expected to grow by 1.5% over the three months to October. August is expected to show a strong response with 3.2% growth.

The summer months are usually a boost to the market and many believe that continued low interest rate mortgages will keep home buyers interested. There could also be an overhaul to the stamp duty which could not only keep hopeful home buyers interested, but awaken those that have stepped away from the market previously, including investors.

Rob Houghton, CEO of reallymoving, remarked, “The outlook for the property market over the next three months is remarkably positive, considering the current political and economic context. The recent election of a new Prime Minister who is committed to leaving the EU on Halloween even if a deal isn’t reached could mean clouds are gathering on the horizon, but any impact on prices in the short term is likely to be mitigated by the urgency of home movers to complete deals in the next three months.

“While the longer term outlook remains uncertain, we could see a Boris Bounce in the property market if he is true to his word over stamp duty reform and stimulates the market through tax cuts at the top and bottom. Scrapping stamp duty for downsizers could be a cost-effective way to stimulate activity throughout the market, freeing up family homes and enabling chains of transactions, at relatively little cost.”

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