Shut the Front Door

rsz_front_doorCast your mind back to the summer, yes we did have one. No matter which box you ticked on 23rd June you’d be forgiven for thinking that the markets would crash and a dark cloud would settle over the UK in the weeks after. Now this post isn’t debating if the decision was right or wrong – I think that’s been done – but we have a strong interest in what the actual housing market looks like some three months on. The prediction for the housing market post-Brexit was fairly gloomy. That the market would seize-up and values would crash.

The reality, whilst early to be considered a ‘result’, shows that the initial fears have not been born-out. Miller Homes reported in September that sales are up 20% (The Times, 16th September) and in the same week The Telegraph reported that whilst the market slowed slightly prices continue to soar. They reported that “the annual rate of growth fell from 9.7pc in June to a robust level of 8.3% in July, according to the Office for National Statistics. Despite the slowdown, the 8.3pc growth rate is the third-highest measured so far this year. On a monthly basis, property prices edged up 0.4pc between June and July.”

The long-term result could be influenced by a number of factors, not least how the UK continues to work alongside Europe, funding for house building and the markets; but the initial, some say early intervention by the Bank of England and the low availability of stock have combined to take the sting out of the Brexit tail so far.

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