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Will Brexit affect the housing market?
Homeowners are concerned about the affects that Brexit will have. So far, house prices haven't been affected, and it's expected that mortgage rates won't be either.
After the election in 2016, it’s been a difficult process watching the changes that we may face and the worries of a no-deal Brexit and how that could affect us. We know that homeowners are concerned about these changes and what it could mean for them – so We Buy Any House have looked into the ins and outs so you can have all the information in one handy place.
Have house prices changed since the 2016 Brexit vote?
House prices are very volatile and tend to go through slight rises and drops through the year anyway, which we saw after the election in 2016 and throughout 2017. However, through 2018 and 2019, prices were dropping more steadily as the uncertainty of Brexit really started to hit. At the end of 2020, we saw an increase that was nicknamed the ‘Boris Boom’, in which homeowners that had been holding off selling until after the election were now coming to the market.
As we entered 2021, and the pandemic struck, experts were warning of huge house price drops, which thankfully we haven’t suffered the brunt of just yet. Prices were affected in the first lockdown when the property market was bought to a standstill, but when the market opened once again in the summer the market actually saw a rise – this paired with the stamp duty holiday meant that sales were going ahead, and the market was dealing well with the difficulties that the lockdown had caused.
Is the housing market going to crash?
No-one knew what to expect when we went into the first lockdown in March, and all of the evidence pointed towards the housing market suffering. So far, it has managed to surpass all of these concerns, however, experts are still expecting some sort of drop – especially as we’re coming up to the end of the stamp duty holiday and the furlough support scheme which will end in March and April, respectively. For more information about the stamp duty holiday and how it could benefit you, read our article can I sell now to make the most of the stamp duty holiday?
We’re still very early into the changes that Brexit is going to bring, and for now still processing how these changes will affect us, especially in the property sector. For now, the market is still responding well to the stresses that we’ve experienced over the past year, and while it’s likely to start seeing some declines, it’s hard to say to what extent.
Should I sell now to avoid the risks?
With the end of the stamp duty holiday less than two months away, homeowners that are keen to sell and move should make the most of this time. When the stamp duty holiday ends, it’s likely that the market will slow down, and this will mean that selling your house will be harder.
As the end of furlough is expected to bring with it a huge wave of unemployment, this will also affect the housing market – buying a house is one of the biggest commitments that we can make, and that will be one of the first things to stop as more and more people struggle with their finances. We’ve got more information about this in our article, will house prices drop when furlough ends?
Selling now can help homeowners avoid the stresses that they’re expected to experience in the coming months in the property market.
Will Brexit change the mortgage rates?
Throughout the pandemic we’ve seen interest rates hit rock bottom, with mortgage lenders increasing the amount needed for a deposit from 5% to 20% in the first lockdown. While this has now started to drop, with most lenders now requesting around 10% as a deposit, homeowners have been worried that the changes that Brexit will bring could affect this again.
The general consensus is that mortgage rates cannot be affected too dramatically again – had the pandemic not happened, this could be a different outcome, but with things standing the way they are it’s unlikely that mortgage rates are going to be affected. Lenders standardly set their rates depending on the Bank of England’s base rate, and with this being only 0.1% due to the damage that the coronavirus has caused around the world, it’s safe to assume that this isn’t going to change too dramatically. If you’re concerned about applying for a mortgage, you can read our helpful article about why mortgage applications get declined here.
What can I do to help sell quickly?
A lot of homeowners are keen to sell before the end of stamp duty, and with the average house sale in the UK taking over 6 months, this can seem impossible. Thankfully, there are ways that you can speed up your house sale and let you benefit from the savings that the stamp duty holiday is offering. If you’re looking to sell your house fast, we’ve got plenty of information that can help you do so.
With We Buy Any House, you can sell in as little as 7 days, letting you make the most of the stamp duty holiday and be able to move into your dream home much faster than a sale on the open market. For more information, get in touch with us today – you can get a free cash offer and see how you can achieve your speedy sale!