What will Brexit mean for the UK Property Market?

What will Brexit mean for the UK Property Market?

While many MPs are strongly opposed to it, a no-deal Brexit remains the default position if the government cannot agree a trade deal with the EU by the end of this year.

Many business leaders and financial experts have expressed concerns about the potential consequences of leaving without a deal.

Accountancy firm KPMG predicted in September that house prices would fall by around 6% following a no-deal Brexit, but that they could drop by as much as 20% in a worst-case scenario.

In July, the Office for Budget Responsibility said that a no-deal Brexit could lead to house prices falling by almost 10% by mid-2021.

Looking further back, Bank of England governor Mark Carney said in February 2019 that UK growth would be ‘guaranteed’ to fall in the event of a no-deal Brexit.

Obviously the above is all supposition but it still makes rather depressing reading.

Let’s therefore all keep our fingers crossed for the best possible outcome.

Read more: https://www.which.co.uk/news/2020/02/what-will-brexit-mean-for-house-prices/ – Which?

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