Whether you’re a staunch remainer or avid Brexiteer, there’s no denying that the UK’s impending exit from the EU (Brexit) has caused property market jitters.
Last Wednesday, the government survived a no-confidence vote following an unequivocal rejection of Theresa May’s proposed Brexit deal the previous evening. Unsurprisingly, the ongoing turmoil at Westminster isn’t doing anything to calm nerves in the property market, but this is nothing new.
Taking a long look back, house price growth plummeted following the referendum in June 2016; then in September 2018 Bank of England governor Mark Carney warned that a no-deal Brexit could send house prices tumbling.
So, with just over two months to go until Brexit, what’s likely to happen to mortgages and house prices between now and then – and after we leave the EU?
Here, we analyse market activity before and since the Brexit referendum and give you the insider’s guide to what experts from the estate agency, building, mortgage and buy-to-let sectors think will happen over the coming months.
What’s happened to house prices since the Brexit vote?
House prices did stagnate for a while following the referendum in June 2016 and since then house prices have suffered a bigger post-summer dip than usual in 2018, dropping from a peak of £232,797 in August to £230,630 in November.
It’s worth bearing in mind that, whilst the rate of growth of house prices has decreased, house prices are still continuing to rise.