Will Brexit effect house prices in the UK?

It is generally agreed that Brexit will have little or no effect on house prices within most of the UK.

Demand for houses has remained high; there are simply not enough houses and this inevitably means prices will continue to rise because the laws of supply and demand demand it (if you get my meaning!). If people were moving as a result of Brexit the situation may be different but evidence suggests very few are doing this.

The number of homes for sale in the UK is at a record low but along with this the buyers are holding back. The latter may be a result of the uncertainty over Brexit.

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House price rises in the UK are expected to be modest over the next few years but this is generally considered a sign of a healthy economy. Let’s remember the huge increases of previous years did not end well!

The north-south divide in the UK has always existed and the effect of Brexit appears to be favoring the poorer north as houses prices in London and surrounding has slowed whilst up north is seeing more significant rises.

In London the prime property market has been suffering in recent times. In order to achieve a sale many have to take a massive price reduction on their asking price. This may be partly due to the potential re-location of many financial services companies to other European hubs.

Overall it appears the factors effecting house prices across the UK are ones that have been present for some time rather than caused by Brexit. The only properties that may be feeling a pronounced effect as a result of Brexit are high-end London properties.

The fact remains that Brexit has not occurred yet so what is ahead in this regard remains to be seen.