As I’m sure everyone is now aware the UK is due to go through Brexit on 31st October. Depending on your viewpoint this is either a fearful time or one of relief.
Whatever the outcome its safe to say nothing will change overnight, the more likely outcome is that the pound will dip initially effecting the exchange rate. Changes to the interest rate is common in light of changes to international factors. Most recently the US-China trade war has had global implications having a direct effect on the exchange rate. However, Brexit has and will have a far more direct impact on the UK.
The likelihood is the pound will fall against the euro and dollar which will encourage foreign investment across London and university cities such as Norwich and Cambridge. However, the property market will always expand and contract with buying power occurring in the summer and decreasing in the autumn and winter.
This year property values have risen slightly except in London. When Brexit occurs, the UK is predicted to go into a recession by 1% although this could vary based on the terms on which we leave. Economic experts have based this prediction on the last UK recession which was in 2009.
Being property legal experts, Attwells Solicitors understand the property market and although a recession is predicted we suggest the property market will remain stagnate as people wait and see especially as Brexit is due to occur in the autumn. The current average time to sell your house is three months however, we buy and sell houses everyday and have seen this increase slightly over the last year. Therefore, if you do put your house up for sale before or during the Brexit period it may take you a little longer to sell.
The people who will benefit the most by this are cash buyers or first-time buyers who may achieve a lower price from those selling property not linked to circumstances within their control. You can calculate your conveyancing fees via our online conveyancing calculator. Our conveyancing solicitors can guide you through the Brexit fall out and are locally based. Therefore, if you sell your home in Colchester for example your conveyancer will also be from Colchester.