In this 2-minute read, we look at the effect leaving the EU has had on the property market, and if there will be a ‘Brexit bounce’ for house prices in our area.
Love it or loathe it, or simply sick to the back teeth of it, Brexit is happening.
But what impact will the UK leaving the European Union have on the property market in Norfolk & Suffolk?
Like most long-term forecasts, no one knows with absolute certainty, how things will pan out, especially when it comes to the housing market.
It would be disingenuous of us to suggest otherwise.
However, the immediate impact since the General Election has been to see buyer confidence come flooding back. The media have dubbed it the ‘Boris / Brexit Bounce.’
And here’s why.
The housing market doesn’t like uncertainty – whether that’s political or financial.
And humans are often inclined to avoid making decisions if we can get away with it.
Our minds seek out a reason NOT to do something which might disturb the status quo of our lives.
Especially when things beyond our control seem ‘up in the air.’
The Brexit Factor
The uncertainty over Brexit was a big factor in many people’s decision to hold off buying or selling a home.
The ‘will we?’ ‘won’t we?’ questions have been answered. We have clarity.
That’s the main reason we’re seeing so much activity since the election on December 13. And it appears to be a nationwide trend.
Recently released data from the property portal Rightmove shows UK property asking prices have increased by 2.3 per cent since the general election.
This means the average UK house price is £306,810.
It represents the largest month-on-month increase seen in any January since the property portal launched its house price index in 2002.
There’s a lot more positivity around property in Norfolk & Suffolk than there has been for a long time.
So, if you have been sitting on the fence about selling your home, now could be the ideal time to bounce off it and make your move ahead of the traditional spring rush.
If you want your home to stand out in a less congested marketplace give us a call, to discover how we can help you.
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