Brexit and the Housing Market
So, who out there is fed up with hearing the word “Brexit?”. I know I am!
A phrase that didn’t exist three years ago is now the most commonly used word over the past year. Personally I just want to see it finalised one way or the other so that we can be rid of this uncertainty which hangs over us all right now.
I read with interest this morning that the Royal Institution of Chartered Surveyors (RICS) now expect the outlook in the housing market for the next three months to be the worst for 20 years. I can see why, as who wants to commit to such a large purchase in the midst of the current climate?
That said, once there is certainty one way or the other, I would expect the market to recover quickly and adapt to the various issues that Brexit throws at us.
One fact remains – we need more housing. There is a massive demand for housing and we must build more, and faster, to cope with demand. Regardless of the interim Brexit glitch (though it feels bigger than that right now!), the simple maxim that with an increased demand comes an increase in supply and robust pricing holds true. Residential Warranty sales continue to be strong, so properties are being developed in numbers.
An interesting few months are on the way, as the world watches Brexit morph from an idea to a reality. Watch this space……….