A recent article published by the BBC has discussed the uncertainty the UK now faces in the property market as a result of Brexit.
In fact, many potential buyers have been holding back from buying due to the confusion on how Brexit will directly impact their living situations.
77% of members asked by the Royal Institution of Chartered Surveyor said that the Brexit impasse was holding back activity.
The survey also stated that enquiries from new buyers, sales and properties being put on the market all fell in the month of February.
The question on many house hunters lips seems to be, to buy or not to buy.
Simon Rubinsohn, chief economist at RICS commented: “The survey makes it pretty clear that the ongoing uncertainty around how Brexit will play out is the critical factor influencing both buyers and sellers”.
“With little sign that the issue will be resolved anytime soon, it could prove to be a challenging spring for the housing market and the wider economy.”
Managing Director at Pad, Ian Waxman gave his thoughts:
“With respect to Brexit, I am sure that it’s all turned into a constitutional frenzy but normally anything that is not predictable is not good for the property market.
However, many of the undecided investors are hesitating but the developers are definitely not waiting.
Currently, we are pre-season, so by the time the “deal” is struck, the market will naturally upswing with transactions, most likely to exceed the normal cyclical ranges due to the current hesitancy.
I genuinely believe that the property market will exceed expectations as much of the overseas inbound investment is from outside the EU and I predict will also start to attract funds from the United States.”