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Property Transactions Figures Increase Pre Brexit

published on 22/03/2019  

Brexit is upon us and the uncertainty remains. How will the deal play out and will it still be the 29th March that sees the UK leave the EU? No matter how you voted everyone’s eye is keenly on the Prime Minister and the next few months will answer many of our questions.

One thing for certain is that Brexit will affect every single person in our country both personally and also in the workplace, but exactly what impact it will have is the question on everyone’s lips. Naturally the pessimist amongst us will see the potential negatives and that the country will grind to a halt come the start of April but that is highly unlikely I think most people will agree.

So, what about the housing market in the run up to Brexit? Well, there is good news - property transactions increased by 1.7 per cent between the start of this year and February, according to new figures from HMRC. There’s even better news on an annual basis - seasonally adjusted there were 101,780 residential transactions last month, equating to a 2.7 per cent yearly increase.

We have been hearing for the past year about the potential impact on the housing market in the run up to Brexit. But it doesn’t appear to be as bad as the scaremongers would lead you to believe, people are still wanting to move to a new home and transactions are still taking place. House prices can be volatile but even with political uncertainly life is going on, and people seemingly aren’t letting it affect their decisions too drastically.

Gareth Lewis, commercial director of specialist lender MT Finance, echoes these sentiments when recently saying: "The HMRC data is really quite positive because it is simply demonstrating month-on-month continued growth for the housing market, no mean feat when you consider the ongoing farce that is Brexit. While MPs make a mockery of us as they can’t come to the right decision, the property market is ticking along regardless. There is no doom and gloom around it, there is still positive sentiment and people are transacting.”

It's true that with a disruptive no deal this could mean that house prices fall dramatically, which is doing nothing to calm nerves around the country at this time, especially in London which is set to bear the brunt of the Brexit angst. But one thing that the lead up to our exit is proving so far, is that people in the UK are once more showing their resilience and not letting politics affect their lives too much. People are still moving, and this hasn’t changed even will all the talk in the last 2 years, get the kettle on it will all be OK.

Tags: Property, Brexit