As negotiations with the European Union remain ongoing ahead of Britain’s official departure from the EU on March 29 this year, speculation continues to circulate about the impact Brexit will have on the country’s property market.
Despite the intense uncertainty Brexit is creating, which is leading to speculation that house prices across the country might be adversely affected, research shows there has been a significant spike in property transactions in recent months.
Data reveals that there has been a jump in activity within the property market and on the year in December 2018 there was an increase of 18% in properties being sold.
What is a traditionally quiet period for the market, prospective buyers were more active this Christmas and New Year, a trend that continued into the first few weeks of January.
As Paul Smith, CEO of haart, commented about the current market:
“The number of applications in the first two weeks of January is already up 4 per cent on the year, and the number of listings is up by almost 30 per cent.”
Smith pins the fresh spike in activity on the fact that as Brexit negotiations are being drawn out and taking longer than expected, people aren’t prepared to put their lives on hold forever.
“Clearly – the market is starting to move on,” said Smith.
In the uncertain economic climate, fixing a mortgage deal when rates remain at record lows is also favourable for many house buyers.
With the market picking up and showing signs of recovery, now might be a good time to either sell or buy property at auction.
If you’re thinking about using a property auction to sell or buy a home in London, the south east or further afield, get in touch with Auction House London, specialists in property auctions.