The Impact Of Brexit On UK Housing Market

Brexit

It’s already been a year since our last post on Brexit and not much has changed. There is still a sense of uncertainty around how it will affect the housing market and self storage as well. There’s no denying that some sellers have been waiting with bated breath with hopes of a higher post-Brexit price. Other buyers have been reluctant to purchase due to fears that the prices may drop in the event of a no-deal.

While many people solely blame Brexit, there may be more to it than that. There has been a cause of concern about the UK housing market since the 2008 crash and we haven’t seen a noticeable increase in transactions since. With Boris Johnson replacing Theresa May as Prime Minister, could we see a shift in momentum or is it too soon to tell?

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Brexit Affecting UK Housing And Self Storage

Self Storage

The uncertainty around Brexit combined with fewer foreign buyers and a higher stamp duty is affecting the UK housing market. For the first time since 2009, the country is experiencing negative growth and not even self storage facilities are exempt.

Late last year, economists predicted that a range of factors could impact house price growth in 2018. These include continued economic and political uncertainty over Brexit, the possibility of further interest rate hikes, falling real wages, weak consumer confidence and mortgage affordability. The Land Registry reported that the average house price growth in the UK, until April, was just 3.86 per cent. At the same time, the Royal Institution of Chartered Surveyors found that the level of homes on the market has remained constant at a record low for more than a year.

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