As the UK’s Prime Minister campaigns to secure a stronger Brexit mandate with a snap election, the country’s younger home-buyers remain worried over just what impact the UK leaving the European Union will have on the economy. And, such are many of their concerns, that they’ve chosen to put off making that most significant of purchases – a home.
Experts are predicting there will be no long-term adverse effects on the UK housing market, despite the recent triggering of Article 50. Here are some of the reasons why this may hold true:
Due to a lack of existing homes and development properties in the supply pipeline, experts predict a rise of 2-3% in housing prices over the course of 2017, despite Brexit-induced fears of the housing market slowing down further.
Brexit remains a constant source of worry and uncertainty for many people. But, with the overall economy apparently shrugging many of those fears off, it can be hard to accurately measure the true impact of the referendum on Britons’ spending plans.
Growth in the UK’s construction sector was subdued in the third quarter of this year, something which is expected to continue on until 2017 when mixed fortunes will favour different sub-sectors, two separate reports show.
This week brought a measure of optimism in the property sector. One of the UK’s biggest housebuilders has reported that its first-half profits for 2016 are up, adding that customer interest since 1 July has been ‘robust with strong visitor numbers’ despite the uncertainty surrounding Brexit.
