28 Feb 2019
In a matter of days, the UK will separate from the EU and the reports by RICS claim that a no-deal condition may cause a delay but people will buy and sell properties as the circumstances settle. Many buyers are seeking opportunities in the declining markets and some are waiting for the markets to settle. Scottish property market grew by £400 million from 2017 to £18 billion in 2018, in terms of, sales where the last year was one of the best growth years, since the 2008 crash. The emerging trends also represent growth in properties in Wales and Northern Ireland, where the y-o-y increase in properties is by more than 5 percent, but the growth in properties in South East and London has contrary trends.
What if No-Deal?
There are expectations of a no-deal exit, but experts apprehend the deal will be passed with some alterations. The managing director at Halifax remains confident about the real estate markets, even in, the condition of a no-deal. The Bank of England governor had warned of a drop in price by 30 percent, in the condition of a no-deal, in contrast, analysts foresee an increase in price by 1.5 percent, if the deal is made, nationally, and over 0.5 percent growth in six months in London, if the agreements are made. The house prices growth is expected to range in 2 to 4 percent annually by the year 2019, but the experts claim it is unlikely that the market may crash as predicted by the BoE governor.
The UK home price may undergo moderate corrections if it leaves EU without a deal, and the leading housing market surveyors claim - in the event of no-deal, the prices may drop by 1 percent, where the highest correction of 3 percent can be seen in the capital city in 6 months, since March 29. The Scottish homeowners expect the prices to decline post-Brexit with no deal and 3 percent expect the prices to gain in the next few months.
The West and East Midlands host the quickest selling towns in England
The latest reports by Rightmove claim the towns in East and West Midlands host the quickest selling cities where the properties in Worcestershire can be sold in 45 days, on an average. As per the research, Runcorn has the fastest moving properties in the UK. Highest improvement in the fast moving property rate was found in the North West towns - Lancaster, Burnley, Widnes, Morecambe and Oldham, where it takes, on an average, 14 days to sell homes.
Occupancy Rate and Shortage
Amidst shortage, analysts believe there is sufficient supply of secondary homes for the growing demand. There are a number of under-occupied and vacant homes, which can be used to meet future housing demand. The estimates show the demand is set to increase by 2 million to 30.7 million, in the decade 2020 to 2030, where 35 percent homes are occupied by older people and 61 percent by a single owner. Stronger and appropriate policies can help to regulate the needs for accessible resources.
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