Is Brexit affecting the Property Market?
There are concerns as to whether the ongoing uncertainty of Brexit is impacting on the property market in the UK.
Simon David, Law Society of England and Wales President commented: “According to our estimates, the volume of work in legal services would be down £3.5bn - nearly 10 per cent lower than under an orderly Brexit.” These comments are in addition to many articles commenting on a downturn or potential downturn in the property market with various statistics quoted from different sources.
Some Sellers are reluctant to go on the market, concerned that they will not get the best price and some Buyers are worried that they are buying at a premium and that Brexit will cause their dream home to devalue.
There are various statistics to show that certain parts of the UK are facing a decline, such as London where activity has slowed; however, the property market is very buoyant in Bristol. Bristol is regarded as being a friendlier cheaper alternative to London and is well connected in terms of location. If you drive in and around the city, it is clear there is a flurry of activity with regards to new developments in areas such as the city centre, Fishponds and Bedminster. There is also the ongoing development of the creation of the new village, Lyde Green.
The current PM Boris Johnson has also pledged to overhaul the current SDLT thresholds by scrapping SDLT on properties worth less than £500,000.00. This move would also be a very welcome boost to the property market.
Only time will tell if Brexit will take its toll. However, there will always be Sellers looking to sell and Buyers looking to buy.