The State of the Market and Brexit
If you are one of those people wondering whether Brexit should influence or even halt your move, then read on.
Naturally, many fear making the “wrong decision” and one which might affect them now and into the future. Specifically, the top two concerns are that 1) prices may fall and 2) interest rates might rise. These concerns are natural. After all, no-one wants their monthly outgoings to increase and to realise later they could have bought the same property £0,000s cheaper if they waited a few months. So, let me explain some other points to consider that might settle your mind.
Firstly, there is the prospect that prices could rise when Brexit is resolved. Uncertainties have put the brakes on property price rises which could have occurred since 2016. Taking the brakes off by removing these uncertainties could spark a rush of activity which could push prices up again. In other words, there is also a risk in not buying, especially at a time when rents are rising.
Secondly, chances are if you are thinking about buying, selling or both, there will be a motivating reason(s) for doing so and they probably do not include Brexit. They will be things like needing more space, cheaper running costs, closer to work, freeing up equity, more bedrooms, less garden etc. These things can add to your quality of life, and therefore I think are worth pursuing, although not to the detriment of our financial well-being.
Finally, if you are concerned that a rise in interest rates could harm your financial health, take advice about a fixed-rate mortgage. Rates can be fixed for 1 year to 10 years and beyond, giving you complete control of your housing costs for whatever period you choose, unlike in the rental sector.
At Watsons, we always have a wide selection of properties to suit your requirements and will be happy to add you to our mailing list so we can keep you updated with news of fresh properties coming to the market and occasionally be able to offer you properties which are not yet on the open market.
Don’t forget you can check our website and social media for more news and views about the market or you are very welcome to call in a talk with one of our property specialists at any of our 6 local offices.
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Written by: Ian Harris MNAEA MARLA, Associate/Senior Valuer at Watsons