Brexit And The UK Property Industry
As the pending due date for the United Kingdom’s exit from the EU is quickly gaining on us, insider studies are already showing that there is are dramatic patterns already happening within the property market.
The UK is set to leave the EU with or without a deal on the 29th March 2019; and with media speculation of a ‘no deal’ Brexit, the UK population is already in a state of concern. Tabloid newspapers are speculating food shortages, high tarrifs on items, and mass uproar in the unlikely event the UK leaves the EU without a deal.
According to UK chartered surveyors RICS (Royal Institute of Chartered Surveyors) the UK property market is the weakest it has been since the recession 6 years ago. RIC’s recently stated:
“The number of people looking for a new home fell again, with many surveyors attributing this to Brexit uncertainty. The net balance of -21%, down from -15% in October, was the lowest since September 2017.
Weaker demand dragged down property prices. The price balance slipped to -11% in November from -10% in October, marking the lowest reading since September 2012.”
Ready Steady Sell Still Buying Houses For Cash
At Ready Steady Sell we are still looking to purchase UK property for cash regardless of the location or condition. Our customers are concerned about the impeding Brexit decision, however we are currently not factoring this into decisions about our purchases.
After the 29th of March is currently ‘uncharted territory’ so we advice anyone looking to sell quickly for cash to do so before we adjust our buying criteria to compensate the Brexit decision.