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Continuing uncertainty created by the Brexit process is causing buyers and sellers to sit tight in increasing numbers, according to the latest RICS UK Residential Market Survey. The latest survey shows a weaker trend in sales than previous months with the headline indicators for demand and supply falling once again, as almost half of respondents cite political uncertainty caused by Brexit as impacting the UK housing market.
The latest data released by Halifax on the UK housing market has revealed that average house prices in the three months to November were 0.3% higher than in the same three months a year earlier – slowing from the 1.5% annual growth recorded in October, and recording the lowest rate of growth since December 2012.
The Bank of England has reiterated its earlier claims of a 30% fall in house prices under a 'disorderly' Brexit scenario. The Bank published its analysis of the Withdrawal agreement yesterday, which included estimates for GDP, house prices, unemployment and inflation in both a 'disorderly' and a 'disruptive' Brexit scenario. In the 'disorderly' Brexit scenario, there is no deal and no transition period which leads to a severe economic shock. The UK loses existing trade arrangements that it currently has with non-EU countries through membership of the EU and there is a pronounced increase in the return investors demand for holding sterling assets.
Feeling a little lost on Brexit? Never really got your head around it in the first place? Let us walk you through it.
The "Lifetime Isa", which has been available since April 2017, is an option for those who want to save up to buy their first home or build a retirement savings pot. For would-be homebuyers, the Lifetime Isa is an alternative to the Help to Buy Isa, which was introduced in December 2015. This helps those who want to buy their first property by paying a 25pc government boost on contributions of up to £200 a month.
