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Summer house deals dip amid Brexit uncertainty

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Britain’s property market suffered a sharp fall in the number of transactions made between June and July, as the traditional summer slowdown and growing uncertainty over Brexit dented activity. Figures released by HMRC this morning show a marked reduction in the number of property transactions over the summer months, with a drop of 8.5 per cent in residential transactions between June and July 2019, as well as a 12.4 per cent decrease since July last year.

Property experts warned this morning that the dip in deals was in large part down to the mounting uncertainty over Britain’s imminent departure from the EU, with buyers and sellers showing signs of reluctance over moving house. These numbers, though a little historic, are disappointing but not surprising bearing in mind the degree of political uncertainty, despite improving affordability and record low unemployment. The data comes amid growing speculation of a possible no-deal Brexit, with Prime Minister Boris Johnson vowing to take Britain out of the EU by the end of October with or without an agreement.

Posted by MMB Finance Swindon on 27 August 2019