Britain’s Housing Market Back To ‘Business As Usual’

In the aftermath of the ‘Brexit’ vote outcome from the EU referendum, we’ve heard a lot of talk of instability in the housing market, of chains collapsing and mortgages falling through. However, conveyancers are now saying the majority of deals set up before the decision to leave the EU are going through regardless, and industry commentators are seeing a silver lining in the Brexit cloud.

The Telegraph has interviewed those in top positions within government and commercial bodies to see how the house buying market is fairing in the weeks after the decision.

Paul Smith, who is the chief executive officer of Haart estate agent, says that the market is settling and buyer confidence is returning: “The result has had no impact on website traffic or applicant figures, in fact the outcome may be resulting in opportunist buyers taking advantage of the situation by snapping up bargains caused by the uncertainty,” he says.

However, the key to the uncertain future post-Brexit is the availability of cheap mortgages, according to their sources. Lenders have been quiet on the affect that this decision will have on mortgages so far, and while experts are too concerned about rises in rates as, in fact, some lenders have even lowered rates since the result.

It may affect those who are ‘riskier’ to lend to. Those without equity, for example, or those with small deposits could find it harder to obtain mortgages in an uncertain market.

If you’re concerned about where you stand with your mortgage or aren’t sure where you stand at present, get in touch with our expert team of York mortgage brokers – they can help you find the best deal which provides the best fit for your needs.