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Should people thinking of selling their home do so before Brexit?

'It's difficult to say whether the uncertainty of Brexit has had any major impact on the property market. It is certainly a factor which affects confidence. In terms of house prices these have stalled since 2016, but not to the extent that they have started to go backwards. The Office for National Statistics (ONS) data, records UK house prices were up 8.17% in the year ending June 2016. A year later they had only risen 4.13%, and in the year ending June 2018 the figure stood at 3.03%. In May of this year the annual increase was 1.2% There is a different picture when one looks at activity within the market. RICS July 2019: UK Residential Market Survey recorded ‘… it seems there is little prospect of a sustained rise in supply coming onto the market in the immediate future’. This follows a string of eleven consecutive monthly declines in fresh listings. The likelihood of a ‘no deal’ Brexit together with the Boris Johnson’s proclamation of a September budget announcement on stamp duty cuts, is unlikely to see any immediate improvement to this situation.

So, what advice would I give to buyers. This is difficult when even our politicians and the Governor of the Bank of England struggle to make accurate forecasts. If I was purchasing a high value property, I would consider waiting for the Budget to see what cuts if any are made to thresholds of stamp duty. These could make a significant difference. For first time buyers, subject to what I say below about possible job losses, this is the time to strike. Interest rates remain low, and may be reduced even further, and with low increases in price, it should be cheaper to get on to the property market. With suppressed activity, conveyancing, removal and other fees associated with moving should remain competitive. As to what will happen if we fall out of the EU without a deal nobody really knows, though I predict this could have a major impact on prices and activity, especially if as is forecast a recession follows pretty quickly. The consequential loss of jobs could I suspect dampen the enthusiasm of some first-time buyers. So, in short the weather forecast for the property market remains I am afraid very unsettled’.

David Pett, Director at MJP Conveyancing Limited.

01603 877066 or 01603 877067

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69 - 75 Thorpe Road,
Norwich, NR1 1UA
01603 877066 or 01603 877067
01603 230125
copyright © 2017 MJP Conveyancing. All Rights Reserved

*MJP Conveyancing LTD is authorised and regulated by the Solicitors Regulation Authority – SRA No. 590889

MJP Conveyancing Ltd is a company registered in England and Wales Registered No: 8026741 VAT Number: 157917571. A full list of the directors is available upon request. We use the word 'Partner' to refer to a Director of the Limited Company, or any employee or consultant with equivalent standing and qualification. Equality and Diversity Policy Equality and Diversity Policy Statement for Clients * - In calculating this we measure the average time it takes to reach the stage of exchange ( not the date you actually move in which is known as the completion date) from the date we receive the contract from the sellers solicitors or from when we send the contract to the buyers solicitors. This period can be longer when delays arise which are not within our control. We cannot guarantee that we can achieve this average turnaround time in all transactions. This turnaround time does not apply to leasehold and leasehold and new build transactions.
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