It’s been more than three and a half years since the public voted to leave the European Union and Brexit day is finally here.
Here we talk about how our departure at 11 pm tonight might affect the country’s property market.
Over the past couple of weeks, there has been a 26% increase in the number of buyers looking to purchase their next home compared to the same period last year, according to City AM.
This clearly highlights the renewed confidence buyers now have in the country’s housing market.
What’s more, areas away from the capital, such as Manchester, Leeds and Liverpool, have seen the highest demand, according to Zoopla. This is due to the house prices in these areas being much more affordable making them popular places to live and invest in.
Market experts believe this renewed confidence is only set to get stronger as the year continues and once Brexit negotiations begin to progress.
With a more stable government now in place, the housing market is already beginning to reap the benefits. The latest house price index from Nationwide states that prices have risen by 1.9% compared to last year bringing the average UK house price to £215,897.
Rightmove has also reported a 2.3% surge in the price of property being listed for sale, which is the largest monthly rise the website has ever recorded at this time of year.
Find out whether your home has risen in value with our FREE instant online valuation tool below.
Not only is confidence on the rise for the buyers’ market, but the same can also be said for the mortgage market.
As of yesterday, Bank of England governor, Mark Carney, announced that the base rate would stay at 0.75% after the latest review.
Again, this clearly highlights the growing confidence the organisation has in the country’s economy.
Furthermore, the latest data shows that the number of mortgage approvals is currently experiencing its highest rate in four years.
Head of Edward Mellor Financial Services, Stephen Ridgway, commented on the current mortgage market saying:
“With mortgage interest rates remaining low, this is a great time to review your options and see if that house move is a lot more affordable than you thought”.
To see if you could switch to a better deal, call our team of mortgage experts on 0161 443 4830 now.
You can also click here to compare our mortgage best buys online.
All the signs are pointing to a highly active spring market. So, if you’re thinking about selling your home, you need to get your property on the market now.
Contact the team at Edward Mellor on 0161 443 4860, we’d love to chat about how we can get you moving.
Click here to book your FREE, no-obligation valuation now.
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It’s Brexit day: how will it play out in the UK housing market?
