Six expert views of the UK property market
As Brexit turns from theory to reality and the UK approaches a General Election, here are the views of six real estate experts on some of the big issues.
- Stability will prompt activity
Following some months of uncertainty, triggering Article 50 and fighting a General Election will bring increased stability, leading to an upturn in market activity. ‘With confidence returning, sellers are already demanding higher prices,’ says one UK executive.
- Certainty provides relief
Triggering Article 50 prompted ‘a sigh of relief’ from the residential property market, according to one prominent UK industry figure. He believes transaction levels in London will rise in response, ‘as the Government finally provides certainty that its plan for leaving the EU cannot be derailed.’
- Interest rates will remain low
Despite some inflationary pressure, the Bank of England will maintain its low interest rate regime, preserving lending affordability and stabilising prices.
- Property price growth will be modest
With none of the predictions of a post-Brexit house price collapse materialising, future values will depend upon the UK’s economic performance and particularly its job figures. Until Brexit is formally complete in 2019, house price growth will be slow, a leading property economist argues.
- Investment levels will stay high
A weak pound and shortage of stock will keep the market buoyant as demand continues to outstrip supply, both from domestic and international investors, says on online property guru.
- Overseas buyers will remain in London
‘The smart money will continue to invest in central London, especially overseas buyers making the most of the weakened pound and the discounts this provides,’ says an executive at a national UK association of property professionals.