Housing market open for business after Brexit

Mortgage Introducer

September 21, 2016

jeremy duncombe accord mortgages

The Brexit vote had little impact on the UK house buying public latest figures from HMRC suggest, with a slight rise in transactions in August, with a total of 109,630 properties bought in the UK during the month.

Richard Sexton, director of e.surv, said: “It’s not surprising to see only a nominal monthly change in transactions at this time of year, with these figures signalling no real shock to the market.

“However, this modest rise in numbers does show that the vote for Brexit has not caused the great shockwave predicted by some scaremongers. Instead, the housing market remains resilient and open for business.”

And Jeremy Duncombe (pictured), director, Legal & General Mortgage Club, added: “August, in particular, is typically a quiet time for mortgage activity, as many borrowers prefer to focus on holidays rather than house buying.

“What remains consistent, however, is that the fundamental issues that plague the UK housing market have not been resolved. If we are ever going to rebuild our fragmented market, and begin to heal the rift between supply and demand it is imperative that we start to see a positive, collaborative effort from house builders and the Government. Until the supply and demand for UK property is better balanced, we will be left with a housing market that is only within reach for the few and unattainable for many.”

Steve Griffiths, director of sales and distribution at The Northview Group, said that there had clearly not been the immediate, dramatic market crash that many predicted following the UK’s vote to leave the EU.

He added: “Transaction figures have remained steady, with a marginal increase in the number of property transactions.

“Whilst we must wait for the coming months to see the true impact of the Brexit decision on our housing market, demand is still strong and many buyers in particular continue to maintain their interests in securing their next buy-to-let purchase.

“With competition still the watchword of Britain’s property market, buyers will look for certainty and speed in their mortgage application, and we believe this provides an opportunity for challenger lenders to set new standards and carve out a reputation for meeting customers’ needs.”

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