Halifax, this month reported the first quarterly decline in UK house prices (0.2%) since November 2012, annual house price growth however, remained at 3.8%. It would seem that warnings prior to last year’s EU Referendum that Brexit could lead to a 10% fall in house prices have so far, at least, proved unfounded.
Fast forward almost a year from the referendum and Theresa May has triggered Article 50 and called a general election that she looks set to win with an increased Conservative Party majority. Despite all the related economic uncertainty property prices and their relationship to income ratios remain at an all-time high. Despite signs the market may be cooling especially in Central London, there are good reasons to remain positive about prospects for long term price growth and market stability:-
The reality is that Brexit has not happened yet, formal negotiations are yet to begin and the current period of uncertainty looks set to continue, at least until the UK’s relationship with Europe is finally decided although this shows no sign of being resolved anytime soon.
Ingenious Real Estate remains very much open for business; we continue to expand both our team and our product range. Despite the ongoing uncertainty, we are winning mandates, have a growing pipeline from both new and existing clients, drawing on our experience, contacts and flexibility.
If you have any opportunities you would like to discuss with us or would like to know more about any aspect of what we do, feel free to get in touch. We can normally provide an indicative response within 48 hours.