The lowdown on Post Brexit

Whichever way you voted in the EU Referendum, it’s hard to deny that the UK found itself in a state of chaos during those early days following Brexit. For a while the UK was like a rudderless ship, with key politicians abandoning us and the call for a new Prime Minister. The pound dropped, the markets went into flux, and thousands were bemused as to what the future may hold.  The good news, according to property experts Plaza Estates, is that it’s getting better.

It’s been a tricky year in the UK, starting with tax increases in April and then leading to Brexit, and whilst the housing market is still not as buoyant as it has been, it’s definitely starting to pick up. Almost 50,000 houses were bought during June, the highest statistics we’ve seen in the last nine months- showing that people are beginning to stop panicking and start having faith in buying property again.

 

Overseas investors in particular have been taking advantage of the weak pound, investing in properties throughout London and in university towns in particular. The timing couldn’t be better- low sterling came at just the same time as parents from overseas are looking for accommodation for their children starting university this autumn. They’re striking while the iron’s hot, buying properties now which are highly likely to bring them a significant return on investment in the future.

With a new PM at the helm and a lot changing it’s far too early to say it’s a bed of roses, but things are certainly less bleak than they were a few weeks ago. Says Wimbledon estate agent Robert Holmes, “We can’t yet clearly predict how the market is going to perform over the next few months but we are definitely starting to see a marked increase in house sales.”

With an ever increasing population set to reach over 70 Million by 2039, one thing is for certain- people will always need houses. Whilst these may be uncertain times, the UK’s housing needs continue to grow and are set to do so for the foreseeable future- making investing in property still one of the safest things you can choose to do with your hard earned cash. And as we begin to grow in confidence and breathe a post Brexit sigh of relief, we’re also rebuilding our faith in buying houses.

 

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