A no-deal Brexit could cause buyers to pull out
A no-deal Brexit could result in buyers getting “cold feet” and pulling out of a deal, according to Nicky Stevenson, managing director of Fine & Country.
Stevenson said: “If the economic outlook and labour market deteriorate, with a no-deal Brexit still very much on the cards, this could prompt a larger proportion of buyers than usual to get cold feet and pull out.”
Furthermore, Stevenson outlined that with pressure building to complete before the stamp duty holiday deadline, there is still “plenty of time before exchange for chains to suffer a misstep, pushing sales into April”.
The average increase in house prices since the stamp duty holiday was introduced now eclipses the saving available.
Stevenson said: “Timetable pressure to complete before the stamp duty holiday closes at the end of March is mounting and many of the offers that underpin these numbers will not in fact take place.”
As a result of this, Stevenson believes that this would force many of those who raised offers in haste to seal deals to scrutinise those valuations again.