The unclear trail left by Britain’s exit from the EU doesn’t seem to be affecting Britain’s property market. At least not negatively. It’s probably too early to tell. In 2018 the Financial Times reported that we were living in “desorienting times”. In some areas property prices are rising whilst in others prices are dropping or stable. Reporter James Pickford went on to write that uncertainty “offers precisely the conditions in which canny purchasers can find opportunities to strike a property bargain”.
Savills UK’s 2019 housing prices summary revealed a very slight increase of 0.4% compared to 2018. Although prices have fallen in London and the South East, Scotland and Wales have seen an increase. Savills linked these statistics with the uncertainty of Brexit. But now that Britain is officially out, time will tell how this will impact on the housing market.
There seems to be an increase in geographic inequality in housing prices, if we compare London with the South East or Wales and Scotland. Prime Minister Boris Johnson promises to level up the UK’s economy which, if it happens, it will reflect on housing prices. But it’s hard to anticipate how things will pan out this year. One thing is for sure, where prices drop, investors step in and take the opportunity to buy.
Some investors are cutting their losses and jumping ship in 2020 by selling up. As an investor you have various options that we can discuss with you with the help of a financial advisor. Would you consider buying property to rent to professionals or students? Or perhaps you’d like to buy property, make some improvements and sell it for profit.
Which ever options you take, it’s always good to discuss it with a property lawyer. We can recommend financial advisers that can help you with a financial strategy. We are also a team of conveyancing solicitors and property lawyers that can help you draft the right investment plan. Please give us a call and we’ll arrange for a no commitment appointment. SG
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