This month we have been given the first full picture of the property market post-Brexit, allowing us to review how we have weathered the Brexit storm so far. What is clearly evident, is that despite the political turmoil that has we have seen over the past month, buyers have not been deterred, with many pressing ahead with their purchase now that stability is finally being restored, shown through the bounce back in transactions which are up 6.5% on last month.
Many buyers have taken advantage of the current uncertainty in the market, and it is possible to get a good deal - house prices are 0.9% lower than last month across the whole of the UK, and by a steeper 5.6% in London. The underlying strength of the market still remains however, with prices in London and across the UK both remaining significantly higher than they were at the same point last year. Furthermore, we are seeing an increase in the number of new buyers entering the market, a change from the decreasing numbers we had seen across the first half of the year. In London properties remain on the market and so buyers are facing slightly less competition, although there are still 8 buyers chasing every property.
Despite ripples of uncertainty, the market is still moving and people are just as determined as ever to get their foot on and up the property ladder. With the announcement of a cut in interest rates, which will see the country’s cheapest ever mortgage rates fall ever further, it will not be long before we see a return in confidence and business as usual. We have every reason to have confidence in the property market’s long term prospects, and it seems the only thing we have to fear post-Brexit is fear itself.