Housing Market Resilience Expected to Continue through Official Brexit in March

Housing Market Resilience Expected to Continue through Official Brexit in March

The vote to leave the EU is just under two years old and opinions of what will happen in the UK housing market following Brexit on March 29, 2019 are flying everywhere. Over the past twenty months numerous housing market authorities have been unable to forecast what will come next prior to Brexit. So far, the market has been exceedingly resilient to uncertainty and overall concern. Transaction numbers have fallen, house price growth has slowed in recent months, and remortgage has maintained a high activity level, according to housing market data.

Housing experts feel the market will respond in quite a positive way following the official exit on 3/29. Authorities believe house price growth will resume and transaction figures will return along with an increase in overall demand for property and the purchase of houses.

Remortgage is expected to continue to see a strong amount of activity. There is currently an extra boost of motivation for house owners sitting on the remortgage fence anyway. It was recently reported the average standard variable rate of mortgage lenders has recently hit a nine year high. This alone should push many house owners to consider remortgage before their initial mortgage lending deal matures and automatically converts to the SVR of their lender.

Since demand is considered pent up currently, many housing experts believe that demand will be unleashed following Brexit on March 29. The gloom of Brexit in the opinions of housing specialists is almost over and the expectation is overwhelming in favour of a positive moving market following the end of March.

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